OPERATIONS AND INVESTMENTS
MINING
Zeromax diversified into mining in 2002.
JV Bentonite
was formed to extract and process a rich deposit of bentonite, a clay formed from volcanic ash. Located in the Navoi Province of Uzbekistan, the mine produces three natural varieties of clay that are used in more than 200 products, from paint and textiles to soap, adhesives, beverages, and cosmetics. Attapulgite clay is mixed with water to form a lubricant that optimizes drilling performance in oil and gas exploration.In 2006, through its acquisition of 16% of the company's share capital, Zeromax became a strategic partner of
Oxus Gold plc
, a company listed on the London Stock Exchange's Alternate Investment Market. Oxus is a 50% joint venture partner with the Uzbek state in Amantaytau Gold Fields (AGF), a gold mining operation that is developing concessions in Uzbekistan's Tien Shan Gold Belt, which boasts the world's second largest gold reserves after South Africa's Witwatersrand Basin. AGF's recoverable reserves (proven and inferred) have been estimated at 24 million ounces of gold and 490 million ounces of silver.Following government approval of its mine development plan in December 2007, AGF anticipates that production will reach 300,000 ounces per annum in 2010.