TALCO

Stock performance

History

The Tajik Aluminium Company (TALCO) operates the giant aluminum smelter at Tursunzoda, west of Dushanbe, which the Soviet Union opened in 1975 to take advantage of the region's abundant hydropower. After independence it remained the country's largest industrial enterprise, though its ownership and trading arrangements, routed through offshore companies, became the subject of international litigation in the 2000s.

Business model

TALCO imports alumina and other raw materials, smelts them into primary aluminum using large amounts of cheap hydroelectric power, and exports the metal, mainly to Turkey, Europe, and Asia.

Market position

TALCO runs the largest aluminum smelter in Central Asia, though it has operated well below its Soviet-era capacity for years.

Country impact

Aluminum has long been one of Tajikistan's main exports, and TALCO consumes a large share of the country's electricity, making its operations central to both export earnings and the national energy balance, especially during winter power shortages.