Navoi Mining and Metallurgical Company

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Navoi Mining & Metallurgy Company
Company type Joint-stock company
ISIN UZ7057810010  OOjs UI icon edit-ltr-progressive.svg
Industry Mining
Founded1958
Headquarters Navoiy, Uzbekistan
Key people
Kuvondik Sanakulov, Director General
Products Gold and silver products
RevenueIncrease2.svg US$7,395 million (2024) [1]
Increase2.svg US$3,928 million (2024) [1]
Increase2.svg 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]
Website www.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]

Contents

History

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

  1. 1 2 3 "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. 1 2 "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.