Uzbekistan’s Navoi Mining and Metallurgical Company reported $7.07bn in revenue and $2.38bn in net profit in the first half of 2026 as higher gold prices offset a decline in production. This figure marks a significant 57.2% increase compared to the same period last year, driven primarily by soaring gold prices despite a slight decline in production levels. The company’s revenue surged to $7.07 billion, reflecting a 49.9% rise from $4.7 billion in the first half of 2025, largely attributed to a notable increase in gold prices on the London Bullion Market Association (LBMA).
In terms of production, NMMC reported gold output of 1.51 million troy ounces, which is a decrease of 1.8% from 1.54 million troy ounces produced in the first half of 2025. The cost of producing each troy ounce of gold has also escalated, rising to $1,647 from $1,164 a year earlier, marking a 41.5% increase. The company cited several factors contributing to this rise in production costs, including higher royalty payments linked to elevated gold prices, which accounted for 31% of the overall production costs, and inflation impacting the costs of materials.
Additionally, the increase in production costs was influenced by an investment project at the Muruntau mine, one of the largest gold deposits globally. The strengthening of the Uzbek soum against the U.S. dollar by 6.1% during the six-month period also played a role, adding approximately $101 to the cost of each troy ounce of gold, which represented 8.7% of the total increase in production costs.
NMMC is recognised as one of the world’s four largest gold producers, operating an extensive industrial cluster that encompasses the entire production cycle, from geological exploration and extraction to processing and the production of finished products. The company employs over 50,000 individuals and manages more than 12 major mines and 10 processing facilities across Uzbekistan. Its flagship asset, the Muruntau mine, boasts a resource base exceeding 100 million troy ounces, solidifying its position in the global mining sector.
