Early this year, Tajikistan’s largest industrial enterprise sent home about a fifth of its workforce and cut wages by 30 percent for the rest. According to its own figures, the state-owned aluminum plant, Talco, lost over $40 million last year and hasn’t turned a profit since 2010.
The Soviet Union built Nurek, the tallest hydropower dam in the world, and Talco, the largest factory in what is now Tajikistan, as part of a single system in the 1970s. Aluminum smelting requires vast amounts of power. The dam and the plant were to help industrialize the distant, subsidy-dependent Soviet republic.
Tajikistan, the poorest country to emerge from the Soviet Union, has one economic asset of note – Talco, an aluminum smelter that, in a good year, pulls in hundreds of millions of dollars. For years, the state-owned company has been notoriously non-transparent.
Tajikistan has one significant industrial asset, an aluminum smelter that dates back to the Soviet era. The state-owned plant, Talco, uses so much electricity it is responsible for regular, rolling blackouts around the country. Many Tajiks would like to know where Talco’s substantial profits go; the company keeps a tight lid on earnings information.