Page 33 - Small Stans and Causcasus Outlook 2022

Turkmenistan and deliver the same amount to Azerbaijan.

3.1.5 Construction

N/A

3.1.6 Major Sectors
N/A

3.3 Real economy - Tajikistan

3.1.1 Retail

Tajikistan’s retail sector is heavily intertwined with Tajik consumers’
dependence on remittances from family members working abroad
(mostly in Russia). As such, an ongoing recovery in remittances from
Russia is set to boost the sector’s prospects for a firm recovery.

3.1.2 Banks

N/A

3.1.3 Industry

Tajik state metals firm TALCO said in November that a Chinese-Tajik
antimony and gold mining joint venture, TALCO Gold, has delayed its
launch until mid-2022 due to the COVID-19 pandemic. With gold being
one of Tajikistan’s main exports, the country could have benefited from
an earlier launch of the project. Nevertheless, a launch in 2022 could
prove a handy boost for the Tajik economy as the pandemic wanes.

TALCO Gold is jointly owned by TALCO and China's Tibet Huayu
Mining. The JV is developing the Konchoch deposits in the western part
of the mountainous Central Asian nation. TALCO Gold was previously
set to start commercial production of antimony and gold in March 2021,
but the launch has been delayed multiple times.

TALCO Gold plans to annually produce 2.2 tonnes of gold, 15,000
tonnes of antimony and 6,000 tonnes of antimony oxide.

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