Navoi Mining & Metallurgical Company (NMMC), Uzbekistan's state-owned mining giant, is preparing for an initial public offering that would make it the world's fourth-largest publicly listed gold miner.
Uzbekistan, a landlocked Central Asian nation bordering Kazakhstan, Turkmenistan, and Afghanistan, has been rapidly modernizing its mining sector under President Shavkat Mirziyoyev's economic reforms. NMMC has taken a central role in that effort, as the miner contributes 6.5% of GDP and ranks among the largest employers in the country.
"It's a very exciting time now from an investment point of view. Uzbekistan is an alpha mining market," Eugene Antonov, the firm's deputy general director, recently said for intellinews.
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"There is still so much to be found; only a third of the country has been geologically surveyed and the Kyzyl-Kum desert barely at all," he added.
While gold is NMMC's flagship commodity, Uzbekistan's mineral wealth also includes uranium, copper, silver, molybdenum, zinc, tungsten, and rare earth elements. The country is among the world's top uranium producers, with operations managed separately under Navoiuran.
NMMC's principal asset is Muruntau – the largest open-pit gold mine in the world. This asset, visible from space, has reserves estimated at 150 million ounces. The quarry spans 3.3 km in length, 2.5 km in width, and more than 600 meters deep.
Muruntau produces around 60 tons of gold annually, representing 70% of NMMC's total resources. In 2023, the company mined 2.9 million ounces of gold at one of the lowest production costs globally, $979 per ounce, generating $7.4 billion in revenue and $4.5 billion in EBITDA.
Pursuing the broader privatization agenda, the government plans to sell up to 5% of NMMC. Bloomberg reported that the deal would involve a dual listing on the London Stock Exchange and the Tashkent Republican Stock Exchange, citing anonymous sources.
Yet before that, NMMC reorganized into a joint-stock company, appointed independent directors, and adopted international reporting standards. The company has already tested investor appetite through two oversubscribed Eurobond issuances totaling $1.5 billion.
The management is also proud of the environmental, social, and governance plan, which targets 21% of energy from renewables by 2026.
"We don't just have an obligation to shareholders," Antonov said. "We aim to be a sustainable producer for the benefit of the people of Uzbekistan."
Per Bloomberg, financial multinational heavyweights like Citigroup, Morgan Stanley, and JPMorgan are involved in the IPO, while Rothschild & Co. is an advisor. The listing would potentially value NMMC at $20 billion, including debt. Still, insiders warn that no final decisions have been made, and the situation regarding the scope and the location of the listing might change.
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