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Uzbekcoal: Cheap coal for central Asia

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The OJSC “Uzbekcoal” has been operating as part of the structure of SJSC “Uzbekenergo” since 2001. Uzbekcoal is a monopolist in the coal mining sector, extracting resources for power stations using the open-pit mining method. The estimated stocks of coal in Uzbekistan is nearly 5.7-7 bln tons, while the country has explored only 1.9 bln of its resource capacities in this area. A state program aimed at modernizing the coal mining industry in Uzbekistan will deliver an increase in coal production that is almost four-fold.

Executive summary
• Uzbekcoal is the largest coal production enterprise in Central Asia, generating 98% of all coal resources in Uzbekistan. The company produces and sells coal and kaolin. Coal is produced from three fields – Angren (Tashkent Region), Shargun and Baysun (Surkhandarya Region). Uzbekcoal’s annual production comprises 3 mln tons of coal (2.8 mln tons in 2007). Coal is basically mined in Uzbekistan using the open-pit mining method, with only an insignificant part of mining performed using the underground method.
• Estimated stocks of coal in Uzbekistan are at nearly 5.7-7 bln tons. Meanwhile, coal stocks for industrial use are estimated at 1.9 bln tons, 1.853 bln tons of which is brown coal. Current coal extraction level totals 3.4 mln tons per annum.
• 80% of all produced coal is consumed domestically. Uzbekistan power sector accounts for 85% of domestic demand. There is also demand for coal fuel from industrial enterprises, public utilities companies, social institutions (i.e. schools, hospitals, etc.), and the general population.
• The export of coal in Uzbekistan is basically carried out by two key enterprises: the OJSC “Uzbekcoal” essentially exports lignite (brown coal), which constitutes 86.8% of total exports, and the OJSC “Sharguncoal” (stone coal), which constitutes 6.3% of exports. Several other smaller enterprises also deal in various sorts of coal, accounting for 6.8% of exports. The state-owned shares of Shargunugol have been transferred to Uzbekcoal for management purposes.
• Uzbekcoal is a subdivision of the State JSC “Uzbekenergo”, with a 35.55% stake subject to sale through tenders by the State Property Committee, in accordance with the Program of Privatization for 2007-2010.
• The Government of Uzbekistan has developed and approved a program to upgrade technical and technological systems in the coal production sphere by 2010, with a major goal of increasing the share of coal, as a cheaper resource, for use in the energy sector. The program should help Uzbekistan to increase coal production more than four-fold by 2010.
• We recommend BUYing shares in Uzbekcoal. Although the low price for lignite coal negatively affects Uzbekcoal financials, its coal reserves deliver a significant upside potential.


1. Executive summary
2. General Company overview
3. Production facilities - great opportunity and further increase
4. Outlets and export facilities
5. Shareholders structure
6. Government support – an opportunity for Uzbekcoal
7. Comparative valuation

Перечень диаграмм и графиков обзора:

1. Key ratios, USD thsd
2. Estimated structure of Uzbekcoal’s sales
3. Estimated stocks of coal in Uzbekistan
4. Coal production in Uzbekistan, mln short tons
5. Coal consumption in Uzbekistan, mln short tons
6. Coal export transactions
7. Average world price for coal, USD
8. Uzbekcoal’s price for brown coal
9. The share of coal in Uzbekistan’s electricity production
10. Comparative valuation for Uzbekcoal
11. Uzbekcoal’s 2007 financial data (USD thsd)

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