Navoiy Mining and Metallurgical Combinat (NGMK), Uzbekistan’s leading gold mining company, has shared its 2024 performance results. In 2024, NGMK produced goods worth 93.9 trillion sums, representing a 5.3% growth compared to 2023. However, when compared to the 2023 report, the production volume in sum terms increased by 39.1%.
NGMK paid 57.5 trillion sums in taxes and dividends to the Uzbekistan state budget.
Investment programs were implemented with a total value of $790 million, creating 715 new jobs. As part of the localization program, NGMK produced goods worth 916 billion sums and procured products worth 6.2 trillion sums through inter-industry industrial cooperation.
By implementing a set of measures to optimise costs, NGMK managed to reduce the production cost by 3.7 trillion sums.
In October 2024, NGMK issued its first Eurobonds worth $1 billion on the London Stock Exchange (LSE). The bonds consist of two tranches: one worth $500 million with a four-year maturity and a 6.7% annual coupon rate, and another worth $500 million with a seven-year maturity and a 6.95% annual coupon rate.
The total demand for the Eurobonds reached $5.5 billion, the highest for Uzbekistan issuers since the first sovereign bond issuance in 2019. NGMK plans to issue another $500 million worth of Eurobonds in 2025.
