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All opportunities › Uzbekistan › Surkhandarya › State company stakes

State stakeCoal miningOpen sale, 2 stagesOffers under review

99.55 % state stake in Shargunkomir JSC

One of Uzbekistan’s leading underground coal miners. After a USD 105.5 m modernization it runs at full capacity, with its own rail link and a coal enrichment plant. Six investors entered the sale.

99.55 %stake for sale
900,000 toutput a year, full capacity
31.5 m tproven reserves
6investors in the process

Where it is

  • Dushanbe72 km
  • Termez150 km
  • Samarkand158 km
  • Tashkent336 km

Sariosiyo district, about 38.5° N, 68.0° E. Straight-line distances, our calculation. Tajikistan’s capital is closer than Tashkent.

Photos

[Photo: mine entrance and site]
[Photo: enrichment plant]
[Photo: rail siding]

Photos of the modernization exist in Uzbek media. We will add official images with permission and credit.

The deal

Seller
State Assets Management Agency
Sale adviser
Alkes Research
Price
Binding offers, no starting price published
Bid guarantee
At least 1 % of the offer, via E-auksion
Binding offers closed
10 Sep 2026
Status on 19 Oct 2026
No result published
Who could bid

Local and foreign investors with proof of funds and three years of accounts. Bidders and their shareholders may not be state-owned and must be clear of EU, US and development-bank sanctions lists, including their lenders. Shortlisted bidders signed an NDA for a data room, a site visit and a term sheet with post-purchase obligations.

Official source

The company and its history

Members

Underground mine in the mountains of northern Surkhandarya. High-quality coal with ash content up to 30 % and high calorific value, supplied to the Angren and Novo-Angren power plants, cement plants and households.

  1. 1958
    Mine commissioned.
  2. 2017–2020
    USD 105.5 m modernization with China Railway Tunnel Group and China Coal Technology & Engineering Group, USD 89.8 m of it financed by China Exim Bank. Output raised from about 160,000 to 900,000 t a year, around 600 jobs.
  3. 2024
    900,000 t produced, full capacity.
  4. 2025–2026
    State sells 99.55 % in an open two-stage process.
Production capacity900,000 t / year
Proven reserves A+B+C131.5 million t
Reserves C27.1 million t
Implied mine lifeabout 35 years (our estimate)

Revenue, profit, debt and headcount are not public. Shortlisted bidders saw them in the data room under NDA.

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Region and country

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Surkhandarya

Uzbekistan’s southernmost region, bordering Tajikistan, Afghanistan and Turkmenistan. The state is selling several industrial assets here: Sherobod cement in the same process, and Boysunkumir coal in 2025. A buyer can look at the whole coal-to-cement chain.

Uzbekistan

USD 5.3 bn of state assets privatized in 2021–2025, USD 1.2 bn to foreign buyers. The government aims for an 85 % private-sector share of the economy by 2030.

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Timeline and context

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