One of the largest uranium and gold producers in the world, Uzbekistan’s Navoi Mining and Metallurgy Combinat (NMMC) is set to raise $1 billion from Russia’s VTB bank. A corresponding agreement was signed on the sidelines of the Economic Forum in Tashkent.
Under the agreement, VTB will finance the investment program of the plant. The credit line is to be allocated for a five-year term.
“The agreement with the Navoi Plant is the largest transaction for VTB in Uzbekistan. We hope that it will open up new opportunities for the development of the enterprise, the entire mining and metallurgical industry and related industries of the country. We are ready to provide our colleagues not only with financial leverage but also with in-depth expertise on the implementation of the investment program, as well as work on international capital markets along with the implementation of the ESG agenda,” said Andrey Kostin, Chairman of the Management Board of VTB Bank.
Chairman of the Supervisory Board of NMMC, Minister of Economic Development and Poverty Reduction Jamshid Kuchkarov noted that the transaction was the largest one-time attraction of borrowed funds for business development among all state-controlled enterprises.
Kuchkarov earlier said that the government in the coming years might consider selling a 10-15% stake in NMMC through the IPO. (Uzreport/Ukrainian metal)