MINEX Forum

Tag: NMMC

  • NMMC Connects Skip and Main Shafts at Zarmitan Deposit to Enhance Operations

    NMMC Connects Skip and Main Shafts at Zarmitan Deposit to Enhance Operations

    NMMC JSC has successfully connected the skip and main mine shafts at the Zarmitan deposit, reaching a depth of 1,000 metres. This significant milestone is part of the company’s investment project aimed at developing the lower horizons of the deposit. The newly commissioned skip mine shaft, which has a diameter of 6.5 metres, was inaugurated in April this year. The extension of the main shaft to the same depth has now been completed, allowing for improved operational efficiency and safety measures.

    The connection of these two shafts is expected to enhance the supply of fresh air to the underground sections of the Zarmitan deposit, which is crucial for maintaining a safe working environment for miners. Additionally, this connection will serve as a backup emergency exit, further bolstering the safety protocols in place at the mine. The construction work on the main shaft is anticipated to be finalised by the end of the current year, marking a significant advancement in the mining operations at Zarmitan.

    This development underscores NMMC’s commitment to modernising its mining infrastructure and improving operational safety standards. As the mining industry continues to evolve, such investments are vital for sustaining productivity and ensuring the well-being of workers underground. The Zarmitan deposit, known for its rich mineral resources, is poised to benefit from these enhancements, which will facilitate more efficient extraction processes in the future.

  • Uzbekistan’s NMMC Reports $7.23 Billion Gold Production in First Half of 2026

    Uzbekistan’s NMMC Reports $7.23 Billion Gold Production in First Half of 2026

    In the first half of 2026, Uzbekistan’s Navoi Mining and Metallurgical Company (NMMC) achieved a remarkable production of 1.51 million troy ounces of gold, valued at approximately UZS 86.2 trillion (around $7.23 billion). This achievement is attributed to the company’s ongoing commitment to substantial investments in gold mining, ore processing, and infrastructure development. The operational results reflect a robust output, with NMMC producing 1,508.8 thousand troy ounces of gold during this period.

    The company has also made significant strides in local economic development, investing $236.8 million under Uzbekistan’s Investment Programme, which has resulted in the creation of 1,008 new jobs. As part of its localization programme, NMMC produced localized products worth UZS 808.7 billion (approximately $67.8 million). Furthermore, the company engaged in inter-industry cooperation by purchasing around UZS 4.2 trillion (about $352.2 million) worth of products from local producers, thereby bolstering the domestic economy.

    NMMC is actively advancing its major investment projects, particularly the fifth stage of the second phase of the Muruntau mine development, a key asset for the company. Between January and July 2026, over 96 million cubic meters of rock were mined at this site. The company has also enhanced its operational capabilities by supplying new haul trucks and mining equipment to its Central Mining Administration’s transport division. Additionally, construction and installation of conveyor lines using cyclic-flow technology are underway at the mine, which is expected to improve efficiency.

    At the Kokpatas and Daugyztau gold deposits, construction and installation of the tailings storage facility for Hydrometallurgical Plant No. 3 are ongoing. The company has introduced new electric excavators, motor graders, and front-end loaders to enhance operations at the Daugyztau and Vostochny mines.

    Moreover, NMMC is expanding Hydrometallurgical Plant No. 7 to increase its processing capacity. While construction works for the ore preparation and screening sections have been completed, efforts continue on thickening and desorption facilities, as well as on the power-supply infrastructure. The modernization of Hydrometallurgical Plant No. 2, the company’s largest facility by production performance, is also in progress, with the launch of additional mill blocks bringing the total number of operating mills to 82.

    Lastly, NMMC is reconstructing the tailings facility serving Hydrometallurgical Plants No. 2 and No. 7, which includes the construction of new waste-storage cells, embankments, water-intake facilities, and a 21-kilometer slurry pipeline. These developments not only signify NMMC’s commitment to enhancing its operational efficiency but also reflect its dedication to sustainable mining practices in Uzbekistan.

  • Navoi Mining & Metallurgical Combinat Expands Modernisation Drive with Major Shaft Development at Zarmitan

    Navoi Mining & Metallurgical Combinat Expands Modernisation Drive with Major Shaft Development at Zarmitan

    Navoi Mining & Metallurgical Combinat (NMMC) is accelerating its modernisation strategy with a series of major investment projects designed to boost ore production, improve mining efficiency, and create new employment opportunities across the region. The company’s latest achievements highlight its growing role as a technological leader in Central Asia’s mining sector.

    A key milestone is the “Lower Horizons Development of the Zarmitan Deposit” project. In April 2025, NMMC commissioned the new “Skipovoy” shaft — a 6.5-metre-diameter, 1,000-metre-deep vertical shaft enabling the hoisting of 1,500 tonnes of ore per day. This high-capacity shaft has already generated 90 new jobs and provides critical new infrastructure for accessing deeper ore reserves.

    The parallel “Glavny” shaft has also reached the 1,000-metre mark. Once completed, it will support essential functions including ore hoisting, personnel and equipment transport, groundwater pumping, and ventilation of the underground mine network.

    The project has benefited from international cooperation: NMMC engineers worked with the Czech firm Mine Construction Alliance s.r.o. to link the “Skipovoy” and “Glavny” shafts at the 0.00 m level. This connection improves underground air circulation and establishes a secondary access route, strengthening operational safety and resilience.

    Key outcomes of these advancements include enhanced mining efficiency, expanded access to deeper ore bodies, and greater economic opportunities for local communities.

    Construction of the “Glavny” shaft is expected to be finished by the end of this year, marking another major step in NMMC’s comprehensive modernisation programme.

  • NMMC Receives First-Ever ESG Rating, Reinforcing Sustainability Commitment

    NMMC Receives First-Ever ESG Rating, Reinforcing Sustainability Commitment

    Navoi Mining & Metallurgical Company (NMMC), the world’s fourth-largest gold producer, has received its debut ESG Entity rating from Sustainable Fitch, marking a significant milestone in its sustainability journey. The company was assigned an ESG rating of ‘3’ (on a scale from 1 to 5, where 1 represents low risk and 5 represents high risk) and an overall entity score of 51 out of 100.

    The rating was based on a comprehensive assessment of NMMC’s sustainability strategy, corporate governance, environmental impact, and social responsibility programs. The company’s environmental and social performancereceived a favorable ‘3’ rating, highlighting strong internal policies on emissions and water management, the absence of major environmental incidents, and a low gender pay gap. Additionally, corporate governance was rated at ‘2’, recognizing adherence to international financial reporting standards, systematic internal audits, and structured risk management.

    NMMC’s ESG rating aligns with global mining industry standards, acknowledging the sector’s inherent environmental challenges, such as high energy and water consumption, greenhouse gas emissions, and industrial waste generation. Notably, NMMC is the first company in Uzbekistan’s mining sector to receive a public ESG rating, reinforcing its industry leadership and commitment to international sustainability principles.

    The company’s ESG efforts are part of a large-scale transformation program, in line with Uzbekistan’s national strategy “Uzbekistan-2030”. With 2025 declared the “Year of Environmental Protection and the Green Economy”in Uzbekistan, NMMC aims to further enhance its sustainability practices and strengthen investor confidence.

  • Fitch Upgrades NMMC’s Credit Profile to ‘bb+’ and Assigns ‘BB-’ Rating to $1 Billion Notes Offering

    Fitch Upgrades NMMC’s Credit Profile to ‘bb+’ and Assigns ‘BB-’ Rating to $1 Billion Notes Offering

    Fitch Ratings has upgraded NMMC’s standalone credit profile to ‘bb+’ and assigned a final ‘BB-’ rating to the company’s debut USD 1 billion notes offering, due in 2028 and 2031. This rating aligns with NMMC’s Issuer Default Rating (IDR) of ‘BB-’, maintaining a Stable Outlook.

    The upgraded credit profile reflects NMMC’s diversified funding sources and an improved financial structure, indicating a stronger financial position. The proceeds from the $1 billion offering will be used to support capital projectsand debt refinancing, fueling sustained growth for the company.

    As part of its strategic plan, this milestone allows NMMC, the world’s fourth-largest gold producer, to continue funding capital expenditure initiatives and manage its debt, further solidifying its path toward international expansion.

  • NMMC Celebrates Historic Eurobond Issuance with London Stock Exchange Closing Bell

    NMMC Celebrates Historic Eurobond Issuance with London Stock Exchange Closing Bell

    October 11, 2024 – Navoi Mining and Metallurgical Company (NMMC) announced the successful pricing of its inaugural US$1 billion dual-tranche Notes offering. The offering comprises US$500 million in 4-year notes at 6.70% and US$500 million in 7-year notes at 6.95%.

    This landmark transaction represents several key achievements:

    • Largest order book for an issuer from Uzbekistan since the sovereign debut in 2019: The offering peaked at US$5.5 billion, representing an oversubscription of more than 5.5 times. This demonstrates strong investor confidence in NMMC and its future prospects.
    • Significant issuance size: This is one of the largest corporate Notes deals from the CIS since July 2020 and the largest ever from Uzbekistan after the sovereign.
    • First in the sector: This marks the first global debt capital markets issuance from a gold mining company since June 2023 and the first for a non-investment grade gold mining company since October 2021.
    • Tightest premium to sovereign: NMMC achieved a premium of only 20bps and 7.5bps on the 4-year and 7-year tranches, respectively, the tightest achieved by a quasi-sovereign from Uzbekistan.

    Prior to the transaction, NMMC obtained its first-ever credit ratings, with its standalone credit profile confirmed at a level above sovereign: bb+ by S&P and bb by Fitch, both capped at the sovereign level of BB-.

    The offering was announced on October 4th, followed by a successful three-day hybrid investor roadshow reaching over 150 investors globally.

    “This Notes issue is a unique transaction, both in terms of volume and coupon rate,” said Eugene Antonov, NMMC First Deputy CEO and Chief Transformation Officer. “Strong investor demand reaffirms NMMC’s leading position in the mining industry and culminates years of transformative changes. We are pursuing ambitious goals to become a truly global mining company and will continue delivering returns for our investors.”

    Jakhongir Khasanov, Deputy General Director and Chief Financial Officer, added, “This milestone signifies the beginning of a long and fruitful relationship with the global investor community. The strong interest in our Notes offering highlights NMMC’s financial stability and resilience. We remain committed to investing in the future and driving sustainable growth.”

    NMMC intends to use the net proceeds for general corporate purposes, including capital expenditure, debt repayment, working capital, and operational expenses. This issuance allows NMMC to refinance existing debt at more attractive rates and longer tenors while establishing benchmarks for future Notes placements.

    About NMMC

    Navoi Mining and Metallurgical Company is a leading mining company in Uzbekistan, engaged in the exploration, extraction, and processing of gold, uranium, and other minerals. NMMC operates the world-renowned Muruntau gold mine, one of the largest gold mines globally.

  • NMMC Secures $150 Million Loan from Japan’s MUFG for Expansion Plans

    NMMC Secures $150 Million Loan from Japan’s MUFG for Expansion Plans

    Navoi Mining and Metallurgical Company (NMMC), Uzbekistan’s largest industrial enterprise, has signed a $150 million bilateral loan agreement with Japan’s Mitsubishi UFJ Financial Group (MUFG). The funding will be directed toward NMMC’s ongoing investments, particularly to enhance its operations and expand its production capabilities.

    NMMC operates two major mining sites, seven hydrometallurgical plants, and two heap leaching facilities, positioning it as the largest gold producer in Central Asia. The company’s flagship asset is the Muruntau-Myutenbai open-pit mine, considered the largest of its kind globally, with a resource base of 101 million ounces of gold. In total, NMMC’s gold reserves are estimated at 148 million ounces.

    The loan comes after NMMC received long-term credit ratings of “BB-” with a stable outlook from both Fitch and S&P, reflecting its standing as a top-four global gold producer. Production is forecasted to surpass 3 million ounces by 2024. NMMC CFO, Jakhongir Khasanov, emphasized that the loan highlights the company’s strong financial health, noting that it will support further investments in expanding operations.

    In addition to the loan, NMMC has embarked on an ambitious investment program, set to increase processing capacity and production volumes while creating new jobs and modernizing existing facilities. The company is reportedly ahead of schedule on several projects, with expectations of boosting production capacity by 30% compared to 2017.

    Analysts have praised NMMC for its low-cost base, long mine life, high profit margins, and low debt levels. Fitch highlighted the structural reforms in Uzbekistan, which have contributed to macroeconomic stability, as a key factor in the company’s positive outlook. NMMC is 98% owned by Uzbekistan’s Ministry of Economy and Finance.

    MUFG, headquartered in Tokyo, is Japan’s largest financial institution and operates in over 40 countries, making it one of the biggest banking groups globally.

  • Navoi Mining and Metallurgical Combine Implements Bacterial Leaching Technology to Extract More Uranium

    Navoi Mining and Metallurgical Combine Implements Bacterial Leaching Technology to Extract More Uranium

    The Navoi Mining and Metallurgical Combine (NMMC), in collaboration with scientists, is introducing a new technology to extract additional uranium from previously depleted underground leaching blocks using bacterial solutions. This development was announced by Shavkat Madaminov, the head of NMMC’s Production, Technical, and Innovation Department.

    The combine has a long history of successful scientific research and industrial projects, particularly in the development and application of new technologies to increase uranium production. Madaminov emphasized that the new bacterial leaching technology, developed in partnership with scientists from the Institute of Microbiology of the Academy of Sciences of Uzbekistan, will enhance the extraction coefficient and uranium content in previously exploited wells. This advancement is expected to increase production, extend the lifespan of productive wells and blocks, and reduce the overall cost of production.

    Madaminov further explained that the technology could lead to the extraction of uranium from blocks that were previously 70% depleted, potentially increasing uranium yield by 2.4 times. He also highlighted the growing number of research and innovation projects at NMMC. In 2009, the combine implemented 55 projects worth 4.5 billion sums, while by the end of 2010, more than 90 projects were completed, totaling around 9 billion sums, doubling the achievements of the previous year.

    The key areas of focus include open-pit and underground mining, technology, geotechnology, and engineering. The economic impact of these innovations has, on average, exceeded the cost of the projects by twofold.

  • Navoi Mining and Metallurgical Company Hosts Press Conference on Digitalization Achievements and Future Plans

    Navoi Mining and Metallurgical Company Hosts Press Conference on Digitalization Achievements and Future Plans

    As part of Uzbekistan’s “Digital Uzbekistan 2030 strategy,” NMMC has been actively integrating modern IT solutions into its operations. Over the past three years, the company’s IT Department has developed more than 20 information systems, effectively addressing around 200 production and management tasks. Notably, between 2021 and 2023, NMMC undertook over 40 initiatives to embed digital technologies across its production and management processes.

    In 2023, a pivotal milestone was reached with the establishment of a unified situational production control center at the Central Mining Administration. Situated at Hydrometallurgical plant №2, this center is tasked with overseeing and managing various processes including geological exploration, ore mining, transportation, and processing.

    NMMC’s dedication to digital innovation earned recognition at ICTWeek Uzbekistan 2023, where it secured the top position in the “Best enterprise for the implementation of digital technologies” category, with an impressive score of 95.2 points.

    Looking ahead to 2024, NMMC is set to embark on nine major projects aimed at automating production and management processes, in collaboration with the Boston Consulting Group. A substantial budget of 253.6 billion soums has been allocated for these initiatives, facilitating enhancements to existing information systems such as enterprise resource management (ERP) and transport management, alongside the introduction of four new systems including personnel management (HCM), business analysis for procurement management (BI), project management, and digitalization of ecology and environmental protection (ESG).

    Moreover, the company is prioritizing the training and development of its workforce, with 405 employees slated to enhance their skills, alongside an additional 40 specialists who will undergo training via international educational platforms, focusing on IT within the mining industry.

    The extensive adoption of IT within NMMC not only promises heightened efficiency and quality of work but also underscores efforts to mitigate human error, reduce costs, and prevent production downtimes.