Uzbekistan’s President Shavkat Mirziyoyev on Thursday laid the foundation of third copper processing plant worth $2 billion of the Almalyk Mining and Metallurgical Complex JSC (AMMC), the country’s state media reports.

The construction of the plant at the Yoshlik I deposit will make the AMMC one of the largest industrial complexes in the world in the field of mining and metallurgy. Its annual output will increase from the current $2.5 billion to about $8 billion, according to the report.

At the first stage, the third plant will be capable of processing 60 million tons of ore per year. In the second stage, the capacity will increase to 160 million tons.

With the realization of these two stages, by 2028 the company will have an annual production capacity of 400,000 tons of copper, 50 tons of gold, and 270 tons of silver.

The Almalyk Mining-Metallurgical Complex is one of the largest industrial enterprises in Uzbekistan, employing 40,000 people. The AMCC was built in 1949. Since its founding, the plant has produced more than six million tons of copper, 3,500 tons of silver, and 850 tons of gold.