Navoi Mining and Metallurgical Works (NGMK) reported steady operational performance for Q1 2025, with a production volume of 27.8 trillion UZS, marking a 0.7% year-on-year increase.
Gold output reached 753,500 ounces, slightly up from 748,100 ounces in the same period of 2024, reinforcing NGMK’s position as a leading gold producer. The company invested $118.4 million under its Investment Program, while 697 new jobs were created in the quarter.
Cost optimization efforts resulted in a 786 billion UZS reduction in production expenses. Under the Localization Program, products worth 349.8 billion UZS were sold, and inter-industry cooperation purchases exceeded 1.8 trillion UZS.
NGMK’s flagship Muruntau deposit, the world’s largest gold reserve (101 million ounces), remains its core asset, with total company reserves estimated at 148 million ounces.
In February, Sustainable Fitch assigned NGMK an ESG rating of “3”, the first public ESG rating in Uzbekistan’s mining sector — highlighting progress in environmental, social, and governance practices.
Key sustainability initiatives included:
-
Planting 65,850 seedlings along the M-37 highway and at GMZ-1;
-
Over 300,000 trees planted across industrial sites, all tracked via an electronic platform as part of the “Green Space” project;
-
Ongoing “Labor Protection Month” initiative aimed at reducing workplace injuries;
-
Recognition as a national leader in cybersecurity for 2024.
To expand the company’s resource base, NGMK is actively adopting advanced exploration and development practices.
Corporate governance remained robust:
-
3 meetings of the Supervisory Board, covering 11 key issues;
-
25 meetings of the Board of Directors, resulting in 41 decisions.
NGMK continues to balance production growth with environmental responsibility and workforce safety, setting benchmarks in Uzbekistan’s mining sector.
