MINEX Forum

Tag: gold prices

  • Uzbekistan’s Navoi Mining Targets $20 Billion Valuation in Potential London–Tashkent IPO

    Uzbekistan’s Navoi Mining Targets $20 Billion Valuation in Potential London–Tashkent IPO

    Navoi Mining & Metallurgical Co. (NMMC), one of the world’s largest gold producers, has selected Citigroup, Morgan Stanley, and JPMorgan Chase to lead a possible dual listing in London and Tashkent, according to sources familiar with the matter. The Uzbekistan state-backed miner is eyeing a valuation of around $20 billion, including debt, buoyed by a near-30% surge in gold prices this year.

    The company is considering issuing London-listed global depositary receipts alongside a domestic listing in line with an April presidential decree requiring state-backed firms to go public both locally and internationally. NMMC is also working with Rothschild & Co. as an IPO adviser.

    The planned share sale, which could involve 10% to 15% of the government’s stake, forms part of Uzbekistan’s broader privatization drive. The same decree also calls for an IPO of 25% of the $1.7 billion national investment fund, UzNIF. Officials are still weighing which offering to launch first.

    Gold prices have roughly doubled over the past three years, hitting a record above $3,500 an ounce in April, driven by central bank purchases, investor demand, and heightened geopolitical risk. The rally has lifted mining stocks globally, with Newmont Corp. and Barrick Gold Corp. among those benefiting.

    NMMC, the world’s fourth-largest gold miner, produced 3.1 million ounces of gold last year, generating $7.4 billion in revenue and $4 billion in operating profit, according to its annual report.

    For London, the IPO could provide a much-needed boost after the exchange suffered its weakest first half for new listings in nearly 30 years. The city has long been a preferred destination for mining and emerging market listings.

    No final decision has been made on the offering’s timing or structure, and representatives for NMMC, the banks, and Rothschild declined to comment.

  • Ukraine’s Vast Titanium and Building Stone Reserves Could Shift Global Markets

    Ukraine’s Vast Titanium and Building Stone Reserves Could Shift Global Markets

    Ukraine holds substantial reserves of titanium, potentially accounting for up to 20% of the global supply, according to Olena Remezova, Doctor of Science in Geology and Chief of the Mineral Deposits Geology Department at the Institute of Geological Sciences of the National Academy of Sciences of Ukraine. Speaking to RBC-Ukraine, Remezova emphasized Ukraine’s strategic potential in both titanium extraction and building stones, which could significantly influence global markets.

    Despite some international estimates suggesting Ukraine’s titanium reserves are less than 1% of the world total, Remezova asserts that this is a major underestimation. Even Ukraine’s average titanium deposits surpass many found in Russia, solidifying its position as a key player in the strategic metal’s supply chain.

    In addition to titanium, Ukraine is also developing a robust industry for building stones, particularly granite and labradorite. The Zhytomyr region alone boasts around 300 quarries extracting non-metallic materials for construction and decorative applications. Ukrainian labradorites, known for their iridescent properties, are especially prized on the global market, with few equivalents found outside of regions like Norway.

    Ukraine’s geological wealth extends beyond titanium and building stones. The country is home to significant rare earth metal deposits concentrated in the Zhytomyr and Cherkasy regions, as well as the Eastern Azov Sea region, all critical for modern technologies.

    With its vast reserves and growing extraction capabilities, Ukraine is well-positioned to become a major global supplier of these critical materials, potentially reshaping markets and reducing dependency on other producers.