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Uzbekistan’s government has cleared the Amantaytau Goldfields joint venture, which is half-owned by Britain’s Oxus Resources Corp, to export gold.

The gold will be exported at the hedging price in fulfilment of the terms set down by Standard Bank Group and WestLB to finance the Amantaytau project. The joint venture was unable to export gold for two months this year owing to a delay with registering the export contract which states Amantaytau Goldfields will export 70% of the gold it produces at the hedging price.

Standard Bank and WestLB lent the joint venture US$36mn in May 2003 to finance construction of a gold recovery plant at the Amantaytau Goldfield.