Navoi Mining and Metallurgical Company

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]

Navoi Mining & Metallurgy Company

Company type	Joint-stock company
ISIN	UZ7057810010
Industry	Mining
Founded	1958
Headquarters	Navoiy, Uzbekistan
Key people	Kuvondik Sanakulov, Director General
Products	Gold and silver products
Revenue	US$7,395 million (2024)[1]
Operating income	US$3,928 million (2024)[1]
Net income	US$2,137 million (2024)[1]
Owner	Ministry of Economy and Finance of the Republic of Uzbekistan (98%) State Assets Management Agency of the Republic of Uzbekistan (2%)
Number of employees	46,629 (2023)[2]
Website	www.ngmk.uz/en/

History

The company was established to mine for uranium, for the Soviet nuclear weapon programme, at the Muruntau mine in the Kyzylkum Desert in 1958.^[4] However, in the 1960s and 1970s, it diversified into gold mining at the 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] and, in 2014, it signed a contract to deliver 2,000 tonnes of uranium concentrates annually to India over the next four years.^[6]

In 2022, the company said it was considering issuing Eurobonds in 2022 and then conducting an initial public offering on a major stock exchange.^[7]

In accordance with a decision of the Government 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]