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Navoi Mining and Metallurgical Company

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Navoi Mining and Metallurgical Company Uzbek: Navoiy kon-metallurgiya kombinati aksiyadorlik jamiyati) is a large Uzbek industrial enterprise. The company's most important gold ore deposits are located in the Kyzylkum Desert.[3]

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History

The company was established to mine for uranium, for Soviet nuclear weapon programme, at the Muruntau mine in the Kyzylkum Desert in 1958. However, in the 1960s and 1970s, it diversified into gold mining at Muruntau mine.[4]

In 2008, it entered into a contact to supply the South Korean company Korea Electric Power Corporation (KEPCO) with 2,600 tonnes of uranium over the next seven years.[5]

In 2014, it signed a contract to deliver 2,000 tonnes of uranium concentrates annually to India over the next four years.[6]

The company announced its intention to issue Eurobonds in 2022 and then to conduct an initial public offering on a major stock exchange.[7]

In accordance with a decision of the Government of the Republic of Uzbekistan, on 1 January 2022, it was reorganized and split into three divisions: (i) the JSC Navoi Mining and Metallurgical Combine (ii) the state enterprise "Navoiyuran", and (iii) the state institution "Fund of Navoi Mining and Metallurgical Combine".[8]

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References

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