Navoi Mining and Metallurgical Combinat (NGMK) in Uzbekistan has a resource base of approximately 146 million ounces or around 4,540 tons of gold, which will allow the Uzbek company to mine the precious metal for at least 50 years from its discovered reserves. According to Eugene Antonov, deputy general director of NGMK, as reported at the Tashkent Investment Forum, this is an excellent indicator, considering that most companies take pride in having a 15-20 year reserve lifetime.
Last year, the company achieved a record production output of 3.1 million troy ounces or 96.4 tons of gold, making it the fourth largest gold producer globally. In the past seven years, gold production at NGMK has increased by 30%.
Due to high global gold prices, the Uzbek company’s revenue reached $7.4 billion, and EBITDA (earnings before interest, taxes, depreciation, and amortization) was $4.6 billion last year. Antonov also mentioned that NGMK is among the world’s most cost-efficient gold producers. In 2024, their total production cost was $979 per ounce, ranking them second only to Russian company Polus.
Antonov emphasized that NGMK’s integrated structure is a significant advantage, as the company handles exploration, construction, mining operations, and has its own refinery, producing gold bars with an international Good Delivery status from the London Bullion Market Association (LBMA). He further added that all NGMK assets are located in Uzbekistan, including 12 large mining sites and 9 processing plants.
Currently, NGMK employs 47,000 people, making it the largest taxpayer and one of the largest employers in the country. The company’s contribution to Uzbekistan’s GDP is estimated at 6.5%, with the company aiming to be not only profitable but also sustainable, which is important for both investors and the country’s population. To achieve this, NGMK focuses on environmental concerns and improving the industry’s reputation for being harmful to the environment. As Antov stated, the company plans to produce over 20% of its required energy from renewable sources this year.
