Navoi Mining and Metallurgical Company (NGMK), the fourth-largest gold producer in the world and the leading gold mining enterprise in Central Asia, has successfully commissioned the vertical skip shaft “Skipovoy”. The project was implemented as part of a large-scale investment program to develop the lower horizons of the Zarmitan deposit. With a diameter of 6.5…
Yevgeny Antonov, First Deputy General Director of Navoi Mining and Metallurgical Company (NGMK), commented on the potential initial public offering (IPO) of the company during a conference organized by Fitch Ratings. According to Antonov, the decision to conduct an IPO lies with the shareholder – the state – which currently owns 100% of the company.…
Navoi Mining and Metallurgical Works published a report on its operational results in January-March. The production volume reached 27.8 trillion sums, up by 0.7% YoY. A total of 753,500 ounces of gold were extracted (compared to 748,100 ounces during the same period in 2024). $118.4 million was invested under the Investment Program. 697 new jobs…
Uzbekistan’s Navoi Mining and Metallurgical Company (NMMC) is actively integrating ESG principles (environmental, social and governance standards) into its operations, Boris Samoylenko, Head of ESG at NMMC, has said. “Receiving the first ESG rating from internationally recognized agency Sustainable Fitch confirms our commitment to the principles of sustainable development and reflects the level of integration…
Sustainable Fitch has assigned JSC Navoi Mining and Metallurgical Company (NGMK) an ESG Entity Rating of “3” and an entity score of 51. This reflects NGMK’s efforts to implement its strategy for sustainable development, balanced against the environmental and social impacts of its operations. NGMK is a state-owned gold mining company based in Navoi. Its…
Navoi Mining and Metallurgical Company (NGMK) produced goods worth 93.9 trillion sums in 2024, representing a 5.3% increase compared to 2023. The enterprise contributed 57.5 trillion sums in taxes and dividends to Uzbekistan’s state budget. Under its investment program, NGMK invested $790 million, leading to the creation of 715 new jobs. Additionally, within the localization…
In 2025, the Navoi Mining and Metallurgical Company (NMMK) plans to issue eurobonds worth $500 million. In 2024, NMMK successfully placed eurobonds on the international market, raising $1 billion. These bonds were listed on the London Stock Exchange in October. According to Fitch Ratings, the bond issuance is an important step in implementing NMMK’s strategic…
Olga Ponkratova, the Buyuk Kelajak expert, who has graduated from Russia’s Higher School of Economics and Harvard Business School, has been appointed deputy director of the Navoi Mining and Processing Works. With vast experience in mining, Ponkratova worked at Evraz, Novolipetsk Steel, Uralkali, Alrosa, Basic Element, ERG/ENRC, Glencore, Kazphosphate, Teu-Ken Samruk and EY. She also…