Navoi Mining and Metallurgical Company (NMMC), ranked as the world’s fourth-largest gold producer by output volume, has announced its key production and financial results for 2025.
According to the report, the company produced 3.1566 million troy ounces, equivalent to 98.2 tons of gold, during the year. This result represents an increase of 2.1% compared to 2024, when production totaled 3.0911 million troy ounces.
Amid rising global gold prices, the total value of products manufactured by NMMC in 2025 reached 135.6 trillion soums (more than USD 11 billion), marking a 44.4% increase compared to the 93.9 trillion soums recorded in 2024.
As part of its investment program, the company utilized USD 561 million in capital investments during the reporting year. At the same time, the volume of investments was 29% lower than in the previous year.
The implementation of new investment projects and the expansion of existing production capacities resulted in the creation of 2,628 new jobs. Within the localization program, products worth 1.4 trillion soums were manufactured, while 7.3 trillion soums worth of goods were procured through inter-industry industrial cooperation.
Management changes also took place at the company in 2025. Due to the expiration of his employment contract and by mutual agreement of the parties, Evgeny Alexandrovich Antonov was relieved of his duties as First Deputy CEO for Transformation and member of the Management Board effective December 31, 2025.
Effective January 1, 2026, Jahongir Tolibovich Hasanov was appointed First Deputy CEO for Finance, Transformation, and Privatization, as well as a member of the Management Board. Prior to this appointment, he served as Deputy CEO for Economics and Finance.
For reference, the position of Chairman of the Management Board and Chief Executive Officer of NMMC has been held by Quvondiq Sanaqulov since 2008.
Currently, the company operates 12 mining sites, 7 hydrometallurgical plants, and 2 heap leaching facilities.
In late December 2025, President of Uzbekistan Shavkat Mirziyoyev announced plans to increase the country’s gold production to 175 tons by 2030.
In addition, under a presidential decree issued in April 2025, NMMC was scheduled to conduct an IPO in the second half of 2025 on both domestic and international capital markets, offering 10–15% of its shares to the public.
Source: Reuters