Toronto, 4 March 2024 — In an exclusive interview at the Prospectors & Developers Association of Canada (PDAC), MINEX Forum sat down with Evgeny Antonov, Chief Transformation Officer of Navoi Gold (Navoi Mining and Metallurgical Company) to learn about the company’s remarkable journey and its pivotal role in shaping Uzbekistan’s economy.
Toronto, Canada – Navoi Gold, one of the largest gold producers globally, was showcasing its growth potential at the Prospectors & Developers Association of Canada (PDAC) convention in Canada on 3-6 March 2024. In an interview, the company’s Chief Transformation Officer shared insights into their plans for expansion and how they are working towards becoming a more attractive and understandable company for international investors.
With an annual production of almost 3 million ounces of gold and a low cost per ounce, Navoi Gold is already a significant player in the gold mining industry. However, the company has no plans to slow down and is aiming to increase its production and resource base further. The company has a robust exploration program in place, with a budget of over $100 million for the year, to identify new targets and deepen their understanding of its flagship mine.
The company is also committed to ESG principles and is taking steps to reduce its water consumption by 20% by 2030. Additionally, Navoi Gold is transitioning to renewable energy sources and plans to introduce over 500 megawatts of solar power by 2030.
In terms of growth potential, Navoi Gold is looking to expand its production and resource base both organically and through partnerships with other companies. The company is considering teaming up with other companies and exploring new resources outside of their current area of operation, to become a truly international company.
When asked about the company’s plans for listing on a stock exchange, Antonov explained that it is up to the company’s shareholder, which is currently 100% owned by the state, to decide if and when Navoi Gold will become a listed company. However, the company is taking steps to make sure they are fully ready for such a decision, including implementing IFRS reporting standards and recalculating its resource base according to international standards.
Navoi Gold’s growth plans are aligned with the state’s plans to grow the economy by 2030, and the company feels a strong sense of responsibility to contribute to the growth of Uzbekistan’s economy. As the largest taxpayer and employer in the country, the company is committed to continuing to play a significant role in the economy and contributing to its growth.
Overall, Navoi Gold is a company with a strong track record, ambitious growth plans, and a commitment to ESG principles. With their focus on innovation, technology, and partnerships, they are well-positioned to achieve their goals and become a leading player in the international gold mining industry.
Watch the interview on the MINEX Forum YouTube Channel
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