Uzbek gold giant to solidify global rank with 30% output boost

Uzbekistan’s Navoi Mining & Metallurgical Co., which is considering a potential London listing, plans to boost output by 30% over the next five years, strengthening its position among the world’s leading gold producers.

The planned increase to about 4 million ounces by 2030 stems from a development program launched in 2025, which includes annual investments of as much as $600 million, the company’s press service said in an emailed statement.

NMMC, as the state-held company is also known, met its previous output target last year with production of 3.1 million ounces, surpassing Russia’s Polyus PJSC to become the world’s fourth-largest gold producer.

The miner was founded in 1958, after development began at the vast Muruntau deposit in Uzbekistan’s Kyzylkum Desert, now one of the world’s largest open-pit gold mines. It has increased output by more than 32% since 2016, when the country underwent a political transition and began reopening to international business and financial markets.

As Uzbekistan steps up its privatization drive this year, NMMC is working with Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. on a potential initial public offering in London and Tashkent, seeking to capitalize on a recent gold price rally, people familiar with the matter said in August. The miner is targeting a valuation of about $20 billion, the people said.

Key projects under NMMC’s new development plan include expanding the Muruntau open-pit mine and building a new processing complex with an annual capacity of 30 million tons of ore, the press service said.

Uzbekistan’s central bank remains the main purchaser of NMMC’s gold and handles its export. Still, the company is gradually increasing domestic sales to support local jewelry production, the press service said without elaborating.

NMMC’s revenue rose 41% to $4.7 billion in the first half, driven by higher gold prices and stronger sales, while EBITDA surged 52% to $3.1 billion, according to a report from September.

(By Yuliya Fedorinova and Andrey Biryukov)