Navoi Mining and Metallurgical Company

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Navoi Mining & Metallurgy Company
Company typeJoint-stock company
ISINUZ7057810010 Edit this on Wikidata
IndustryMining
Founded1958
HeadquartersNavoiy, Uzbekistan
Key people
Kuvondik Sanakulov, Director General
ProductsGold and silver products
RevenueIncrease US$7,395 million (2024)[1]
Increase US$3,928 million (2024)[1]
Increase US$2,137 million (2024)[1]
OwnerMinistry of Economy and Finance of the Republic of Uzbekistan (98%)
State Assets Management Agency of the Republic of Uzbekistan (2%)
Number of employees
46,629 (2023)[2]
Websitewww.ngmk.uz/en/

Navoi Mining and Metallurgical Company (Uzbek: Navoiy kon-metallurgiya kombinati aksiyadorlik jamiyati) is a large Uzbek industrial enterprise. The company's most important gold ore deposits are located in the Kyzylkum Desert.[3]

History

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The company was established to mine for uranium, for the Soviet nuclear weapon programme, at the Muruntau mine in the Kyzylkum Desert in 1958.[4] However, in the 1960s and 1970s, it diversified into gold mining at the Muruntau mine.[4]

In 2008, it entered into a contact to supply the South Korean company Korea Electric Power Corporation (KEPCO) with 2,600 tonnes of uranium over the next seven years.[5] and, in 2014, it signed a contract to deliver 2,000 tonnes of uranium concentrates annually to India over the next four years.[6]

In 2022, the company said it was considering issuing Eurobonds in 2022 and then conducting an initial public offering on a major stock exchange.[7]

In accordance with a decision of the Government of Uzbekistan, on 1 January 2022, it was reorganized and split into three divisions: (i) the JSC Navoi Mining and Metallurgical Combine (ii) the state enterprise "Navoiyuran", and (iii) the state institution "Fund of Navoi Mining and Metallurgical Combine".[8]

References

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  1. ^ a b c "Financial statements for the year ended 31 December 2024" (PDF). Navoi Mining and Metallurgical Company. Retrieved 14 October 2025.
  2. ^ "Navoi Gold" (PDF). PDAC, Toronto, Ontario: Navoi Mining Metallurgical Company. March 2023. Retrieved 7 July 2024.
  3. ^ Aris, Ben (5 July 2024). "Uzbekistan gold mining giant Navoi Mining and Metallurgical Company assigned its inaugural international credit rating". bne IntelliNews. Berlin. Retrieved 7 July 2024.
  4. ^ a b "The Navoi Mining & Metallurgical Combine is the jewel in Uzbekistan's golden crown". Intellinews. 18 June 2025. Retrieved 14 October 2025.
  5. ^ "Uzbekistan Uranium". world-nuclear.org. Archived from the original on 2014-02-09. Retrieved 16 April 2024.
  6. ^ "Uzbekistan to supply 2,000 tons of uranium to India". akipress.com. Retrieved 14 October 2025.
  7. ^ "Eurobonds and IPO to help gold producer boost production". Global Markets. 11 October 2021. Retrieved 14 October 2025.
  8. ^ uz, Kun. "NMMC split into three independent enterprises". Kun.uz. Retrieved 13 June 2024.
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