Uzbekistan is witnessing the emergence of a new industrial identity — one grounded in sustainability, efficiency, and global competitiveness. At the heart of this transformation stands the Almalyk Mining and Metallurgical Complex (AMMC), which is rapidly evolving from a traditional industrial flagship into a high-tech, responsible enterprise meeting international standards.
The ongoing transformation at AMMC spans several key areas: finance, corporate governance, environmental responsibility, and digitalisation. This ambitious programme represents a strategic initiative poised to significantly influence the pace and quality of the company’s development in the years ahead.
Transparency Through Numbers
Openness begins with accurate reporting. Since 2019, AMMC has adopted International Financial Reporting Standards (IFRS), a critical step towards improving transparency and boosting the company’s investment appeal.
“The transition to IFRS enabled AMMC to obtain international credit ratings from the world’s leading agencies. These ratings were instrumental in successfully securing nearly $2 billion in funding from international financial institutions and banks — directly, without intermediaries,” said Boburjon Siddiqjonov, Head of the Project Office for Transformation, ESG, and International Ratings.
This achievement has helped reduce the company’s debt burden and freed up resources for strategic investment in AMMC’s continued development.
Corporate Governance: From Compliance to Excellence
A critical part of AMMC’s transformation lies in rethinking its management practices. To ensure the enterprise is not only efficient but also sustainable and globally competitive, a dedicated project office for transformation, ESG, and international ratings has been established. This team is tasked with implementing global best practices — from transparent reporting to strategic planning.
“Key reforms were carried out in collaboration with leading consultancy firms. For example, AMMC’s mineral reserves were re-evaluated using the globally recognised JORC Code. In parallel, a comprehensive development strategy was drawn up through to 2030,” Siddiqjonov added.
Efforts have also been made to combat corruption and ensure procurement transparency. A thorough audit conducted with major international firms identified vulnerabilities and offered corrective measures. Additionally, the entire “copper chain” — from open-pit mining to the smelting plant — underwent an in-depth evaluation, resulting in a new roadmap to optimise production processes.
Environmental Responsibility: A Mark of Global Standards
AMMC is currently pursuing certification under The Copper Mark, an international seal of approval for responsible copper producers. This certification is crucial to enhancing global competitiveness. It allows the company to sell its products at a premium, attract green financing — particularly in Europe — and take part in environmentally focused investment programmes.
AMMC has also received an ESG rating of ‘3’ with a score of 56 from Sustainable Fitch — the highest among Uzbekistan’s mining and metallurgical enterprises and one of the top ratings in Central Asia.
This year, AMMC plans to unveil a greenhouse gas emissions reduction strategy, aiming to cut emissions by at least 15% by 2030. In addition, it will plant 370,000 trees annually as part of its broader ecological initiative.
Digital Transformation in Action
Digitalisation is another cornerstone of AMMC’s transformation. Financial and accounting reports are now generated automatically using the 1C:ERP system, halving the time needed to prepare documents.
Warehouse, fuel, and weighing operations have all been automated. At the copper concentration plant, digital weighing systems with 99.8% accuracy have been installed. Moreover, a contactless fuelling system has been introduced — drivers now use ID cards instead of relying on operators, streamlining the process and mitigating corruption risks. These improvements have already saved 89 billion Uzbek soms in diesel costs alone.
“Digitalisation is already generating an annual economic return of 9.1 billion soms for the company,” Siddiqjonov noted.
What’s Next for AMMC?
2025 is set to be a pivotal year. AMMC plans to secure a climate strategy grant from the Asian Development Bank and to begin reporting under the new IFRS S1 and S2 climate standards.
“Our team faces ambitious goals: complete The Copper Mark certification, publish the first climate report, prepare for a Eurobond issuance, and obtain ISO certification in information security,” said the company representative.
AMMC’s transformation is far more than a company-wide initiative — it’s a reflection of a broader national agenda aimed at building a modern, resilient, and competitive economy. By embracing global best practices and pursuing strategic long-term priorities, AMMC is helping to shape Uzbekistan’s industrial future.
