Navoi Mining and Metallurgical Company (NMMC), Uzbekistan’s largest industrial enterprise, has signed a $150 million bilateral loan agreement with Japan’s Mitsubishi UFJ Financial Group (MUFG). The funding will be directed toward NMMC’s ongoing investments, particularly to enhance its operations and expand its production capabilities.
NMMC operates two major mining sites, seven hydrometallurgical plants, and two heap leaching facilities, positioning it as the largest gold producer in Central Asia. The company’s flagship asset is the Muruntau-Myutenbai open-pit mine, considered the largest of its kind globally, with a resource base of 101 million ounces of gold. In total, NMMC’s gold reserves are estimated at 148 million ounces.
The loan comes after NMMC received long-term credit ratings of “BB-” with a stable outlook from both Fitch and S&P, reflecting its standing as a top-four global gold producer. Production is forecasted to surpass 3 million ounces by 2024. NMMC CFO, Jakhongir Khasanov, emphasized that the loan highlights the company’s strong financial health, noting that it will support further investments in expanding operations.
In addition to the loan, NMMC has embarked on an ambitious investment program, set to increase processing capacity and production volumes while creating new jobs and modernizing existing facilities. The company is reportedly ahead of schedule on several projects, with expectations of boosting production capacity by 30% compared to 2017.
Analysts have praised NMMC for its low-cost base, long mine life, high profit margins, and low debt levels. Fitch highlighted the structural reforms in Uzbekistan, which have contributed to macroeconomic stability, as a key factor in the company’s positive outlook. NMMC is 98% owned by Uzbekistan’s Ministry of Economy and Finance.
MUFG, headquartered in Tokyo, is Japan’s largest financial institution and operates in over 40 countries, making it one of the biggest banking groups globally.
