The production and investment results of the Joint Stock Company Navoi Mining and Metallurgical Company (NMMC) for 2025 clearly demonstrate the role that systemically important industrial enterprises play in the development of Uzbekistan’s economy.
Growth in gold production, large-scale investments, the creation of thousands of jobs, and the adoption of international management standards directly strengthen the country’s export potential, increase budget revenues, promote regional development, and enhance the country's overall investment attractiveness.
For Uzbekistan, NMMC remains not only the most significant industrial asset but also a key factor in macroeconomic stability and sustainable development.
By the end of 2025, gold production at the company’s enterprises reached 3,156.6 thousand troy ounces, exceeding the level of the previous year. The increase in the extraction of this strategic resource directly strengthens the country’s gold and foreign exchange reserves and enhances the national economy’s resilience to external challenges. The total output volume was 135.6 trillion UZS, up 2.1 percent from 2024. These indicators account for a significant share of industrial output, and help ensure stable tax and foreign-currency revenues for the state budget.
An essential contribution of NMMC to socio-economic development has been active investment in production capacities and infrastructure. As part of the investment program, $561 million was utilized in 2025. The implementation of new projects and the expansion of existing production facilities created 2,628 new jobs, primarily in Navoi region and other industrial areas, directly affecting employment, household income, and regional development.
The company also played a significant role in the development of national industrial cooperation. Under the localization program, the volume of localized products manufactured reached 1.4 trillion UZS, while procurement through intersectoral cooperation amounted to 7.3 trillion UZS. This ensures additional workloads for domestic enterprises, promotes the development of related industries, facilitates technology transfer, and supports the formation of sustainable production chains within the country.
One of the year’s key infrastructure achievements was the completion of the investment project to develop the Muruntau open pit (Phase V, Stage I). The project, which involved $734 million in investment, was fully implemented by the end of 2025. As part of the works, modern mining equipment was supplied, substations and transformers were constructed, and dozens of kilometers of power transmission lines, railways, and conveyor lines were laid. This project not only strengthens the production capacity of the largest gold deposit but also lays a long-term foundation for stable gold production in the years ahead, while creating 1,472 new jobs.
At the same time, modernization of the hydrometallurgical plants continued in 2025. At HMP-2, projects were implemented to expand sorption capacity and modernize key production units, increasing the efficiency of precious metals recovery. At HMP-7, four new milling units were commissioned, raising processing capacity from 16 million to 26 million tonnes per year. This enables more efficient processing of technogenic formations and brings previously unused resources into circulation.
As part of the development of the Kokpatas and Daugiztau deposits (Phase III), new bio-oxidation modules were launched at HMP-3, and a modern cyclic-flow technology with a length of 1.9 kilometers was introduced at the Daugiztau mine. These solutions enhance the industry’s technological capabilities and bring it closer to global best practices. Another significant milestone was the expansion of underground operations at the Zarmitan deposit, where a 1,000-meter-deep mine shaft was commissioned, providing access to lower horizons and expanding the country’s resource base.
Over the past year, NMMC has also strengthened Uzbekistan’s position on the international financial and ESG agendas. Sustainable Fitch assigned the company its debut ESG rating, confirming a systemic approach to environmental, social, and corporate governance issues. The upgrade of Uzbekistan’s credit ratings by Fitch Ratings and S&P Global Ratings to BB with a stable outlook signaled to international investors the reliability and resilience of Uzbekistan’s industrial sector.
The company’s anti-corruption and governance practices also received high recognition. Based on the national assessment of the effectiveness of anti-corruption measures, NMMC ranked first nationwide and, for the third consecutive year, was named among the leaders in the Openness Index. Confirmation of compliance with the international ISO 37001 standard and accession to the UN Global Compact further strengthen confidence in the company among international partners and financial institutions.
Special attention should also be given to NMMC’s achievements in digitalization and environmental protection. First place in the digital transformation ranking under the “Digital Uzbekistan 2030” strategy, with a score of 98.7 points, confirms that digital solutions are becoming a key driver of improving the efficiency of large-scale industry. At the same time, under the “Yashil Makon” (Green Space) project, 443,000 trees and shrubs were planted in 2025, and an Alisher Navoi Park was established at the Pistali mine site, thereby improving environmental conditions in industrial regions.
A high level of business activity marked corporate governance at NMMC in 2025: meetings of shareholders, the Supervisory Board, and its committees were held, ensuring strategic and transparent management of the company. At the same time, 100 percent of NMMC’s shares remain owned by the state, represented by the Ministry of Economy and Finance of the Republic of Uzbekistan, underscoring its status as a key national asset.
The 2025 results show that Navoi Mining and Metallurgical Company remains a key driver of Uzbekistan’s industrial growth. Its operations ensure stable foreign currency revenues for the country, regional development, technological modernization of the industry, and the strengthening of the country’s international image as a reliable and responsible participant in global economic processes.
Aziza Alimova, UzA