Economic reforms place Uzbekistan at the centre of modern-day gold rush

Uzbekistan's gold rush attracts new prospectors, boosting economy and providing employment opportunities, with strict regulations in place.

Sifting through a greyish mixture of sand and pebbles in the steppe near the southwestern village of Soykechar in Uzbekistan, Khislat Ochilov was searching for gold.

He is one of hundreds of new prospectors trying to strike it rich in a modern-day gold rush in the Central Asian country, chock-full of the precious metal.

A right once preserved for state mining firms, recent regulatory changes designed to boost the economy mean anyone can now hunt for gold.

Mr. Ochilov scanned the shiny flakes that appeared on his panning mat, submerged in a pool of water. Finally, he spotted a piece the size of a grain of rice.

Nearby, Sardor Mardiyev, 28, was hard at work digging through the earth in the vast Navoi region, a district larger than Portugal. He drives his excavator 12 hours a day, six days a week as part of a frenzy for the metal that officials hope will boost Uzbekistan’s output.

Last year, the country produced 110.8 tonne of gold, putting it in tenth place globally, and its central bank was the second largest net seller in the world at around 25 tonne, behind only Kazakhstan, according to the World Gold Council.

For Uzbek President Shavkat Mirziyoyev — who sees himself as a reformer opening up and liberalising his country’s economy after years of isolation and centralisation — it is not enough. He has ordered gold production to be increased by 50% by 2030.