TASHKENT, Uzbekistan, June 24, 2024 – In a landmark move that signifies Mongolia's growing technological prowess, Mongol Basalt JSC (MSE: MBW) and Basalt Uzbekistan Group today announced a groundbreaking joint venture to establish a state-of-the-art basalt technology plant in Uzbekistan. This historic partnership, solidified during the recent state visit of Mongolian President Ukhnaagiin Khürelsükh to Uzbekistan, represents a $30 million investment and is projected to produce 45,000 tons of basalt products annually.

This collaboration transcends mere commercial interests; it embodies a bold vision for sustainable development and technological innovation, showcasing Mongolia's emergence as a hub for advanced engineering solutions. For a nation traditionally recognized for its nomadic heritage and vast landscapes, this venture underscores the rapid advancement of Mongolia's private sector in fostering technological innovation and know-how.

"This partnership is a testament to Mongolian ingenuity and our unwavering commitment to a sustainable future," said Lkhagvajav Ariunbold, CHAIRMAN of Mongol Basalt JSC. "We are proud to export not only our high-quality basalt products but also our expertise, honed over a decade of dedicated research and development, to address the pressing energy and environmental challenges faced by our neighbors in Central Asia."

The basalt plant, slated for construction in the Jizzakh region of Uzbekistan, will leverage Mongol Basalt JSC's cutting-edge technology to produce basalt insulation – a game-changer in sustainable construction. This innovative material offers exceptional thermal properties, fire resistance, and durability, making it ideal for improving energy efficiency and reducing greenhouse gas emissions in buildings.

By addressing the specific energy and environmental challenges faced by Uzbekistan – high energy intensity, aging infrastructure, and increasing climate vulnerability – this joint venture is poised to make a tangible impact on the nation's sustainable development goals.

Basalt Uzbekistan Group's CEO, Alisher Kuchkunov, echoed this sentiment, stating,  “Uzbekistan’s open approach for collaboration has proven once again that, working together for a greater of the environment and wellbeing of our future generation should be everyone’s number 1 priority throughout all industries”.

Key Impacts of this Historic Partnership:

• Energy Efficiency & Decarbonization: Drastically reducing energy consumption in buildings and advancing Uzbekistan's commitment to a 35% reduction in greenhouse gas emissions by 2030.
• Infrastructure Modernization: Revitalizing aging infrastructure with cutting-edge basalt-based solutions, promoting energy savings and climate resilience.
• Economic Growth & Green Jobs: Creating thousands of high-quality jobs in both countries, fostering economic growth, and promoting technological expertise in the region.
• Regional Leadership: Establishing Mongolia as a regional leader in sustainable technology and innovation, inspiring other developing nations to embrace green solutions.

This groundbreaking collaboration signifies a new era of technological cooperation between Mongolia and Uzbekistan, paving the way for a more sustainable and prosperous future for both nations and the wider Central Asian region.

About Mongol Basalt JSC

Mongol Basalt JSC (MSE: MBW) is a leading provider of innovative basalt-based solutions. The company's state-of-the-art technology focuses on energy efficiency, sustainability, and environmental responsibility. Mongol Basalt JSC is committed to delivering high-quality products and services that contribute to a greener and more sustainable future.

About Basalt Uzbekistan Group

Basalt Uzbekistan Group is a leading manufacturer of composite materials based on basalt rocks, offering a wide range of products, including basalt roving, fiber, construction and road geogrid, composite pipe, crushed stone, composite reinforcement, and fabric. The company is committed to innovation and sustainability, leveraging basalt's unique properties to create high-performance materials for various applications.