Uzbekistan's Gold Giant NMMC Aims for 4M Oz Output by 2030
Uzbekistan's gold mining giant, Navoi Mining & Metallurgical Company (NMMC), is embarking on ambitious expansion plans that could transform the country's gold industry. The company, which operates the legendary Muruntau mine, is set to boost output by 30% over the next five years, targeting production of approximately 4 million ounces by 2030.
NMMC's expansion strategy is multifaceted, involving several major development initiatives. These include the expansion of existing mining operations, construction of new processing facilities, implementation of modern mining technology, and development of additional mineral deposits within NMMC's license areas. Key projects include expanding the open-pit Muruntau mine and building a new processing complex with an annual capacity of 30 million tons of ore.
The company's financial performance indicates strong momentum behind these plans. In the first half of 2025, revenue rose 41% to $4.7 billion, while EBITDA surged 52% to $3.1 billion, driven by higher gold prices and stronger sales volumes. NMMC is working with major investment banks, including Citigroup Inc., Morgan Stanley, and JPMorgan Chase & Co., on a potential initial public offering in London and Tashkent, targeting a valuation of approximately $20 billion. This move aims to capitalize on the recent gold price forecast and NMMC's strong operational performance.
NMMC's expansion plans are not only set to increase the company's output but also strengthen Uzbekistan's position among the world's top gold producers. With estimated gold reserves exceeding 2,500 tonnes, the country is leveraging its vast mineral resources to boost its economy. NMMC's success is a testament to this strategy, with the company increasing output by more than 32% since 2016. As NMMC continues to grow, it is poised to play a significant role in shaping the global gold market.
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