Uzbekistan's Navoi Mining & Metallurgical Co. (NMMC) plans to increase production by 30% over the next five years in order to strengthen its position in the gold market. This is reported in a press release from Navoi Mining.
In 2025, the Government of Uzbekistan accelerated the privatization process. In particular, NMMC attracted Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co. to organize an IPO on the stock exchanges in London and Tashkent amid rising gold prices, hoping to increase the market value to $20 billion.
The planned increase in production to 4 million ounces by 2030 is part of the strategic development program, which was launched in 2025 and provides for annual investments of up to $600 million. Key projects under the company's new development plan include the expansion of the Muruntau quarry and the construction of a new processing complex with an annual capacity of 30 million tons of ore.
The Central Bank of Uzbekistan is the main buyer and exporter of NMMC gold. Nevertheless, the company is gradually increasing sales in the domestic market to support local jewelry production.
NMMC is an Uzbek mining and metallurgical company. The company was founded in 1958 after the start of the development of the Muruntau deposit in the Kyzylkum desert (Uzbekistan), which is one of the largest gold mines in the world. In the first half of 2025, revenue increased by 41% to $4.7 billion. In 2024, the production volume amounted to 3.1 million ounces of gold, providing the company with the fourth place in the global market. The headquarters is located in Tashkent (Uzbekistan).
