Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer Default Rating of JSC Navoi Mining and Metallurgical Company (NMMC) at ‘BB’ with a Positive Outlook, reflecting the company’s strong linkage to Uzbekistan’s sovereign rating. NMMC, which ranks as the world’s fourth-largest gold producer, is supported by its large-scale production, low operational costs, and modest leverage, despite facing challenges in a weaker domestic environment.
The affirmation of NMMC’s rating is attributed to its strategic importance to the Uzbek economy, where it plays a crucial role in gold production, tax revenues, and employment. Fitch notes that the company’s Standalone Credit Profile is rated ‘bb+’, but the overall issuer rating is constrained by the sovereign rating of Uzbekistan, which maintains significant control over the miner’s operations through the Ministry of Economy and Finance.
NMMC’s operational profile remains robust, with plans to increase gold output to 4.02 million ounces by 2030, representing a 30% increase from 2025 levels. The company operates 12 major mining sites and ranks among the lowest-cost producers globally, benefiting from long mine life, high margins, and substantial reserves. Fitch anticipates that NMMC will maintain a strong financial profile through 2030, with net and gross debt-to-EBITDA ratios expected to remain below 1.0x on average during this period.
However, the rating is tempered by concerns over weak liquidity and the broader economic environment in Uzbekistan, indicating that any future rating adjustments will be closely tied to the country’s sovereign credit conditions as well as NMMC’s operational and financial performance. Despite these challenges, NMMC’s expansion plans and cost leadership position it well within the global gold sector, reinforcing its investment case for stakeholders looking at the mining landscape in Uzbekistan.
