Uzbekistan’s gold giant NMMC doubles revenue in H1 2025, expands mining operations and sustainability efforts

Financial and operational performance

For the six months ending June 30, 2025, NMMC recorded gold production worth 60.8 trillion UZS (approximately $4.7 billion), representing a 101.4% increase compared to the same period in 2024. Gold output also edged higher, reaching 1,537.6 thousand troy ounces, up from 1,516.8 thousand ounces in H1 2024.

The company invested $219.5 million in capital expenditures during the reporting period and created 1,190 new jobs. Optimization efforts yielded cost savings of 1.8 billion UZS ($139.6 million), while the company's localization program contributed to domestic production of supplies worth 757.5 billion UZS ($58.8 million). In addition, supplies valued at 3.6 trillion UZS ($279.3 million) were procured through the company's inter-sectoral industrial cooperation program.

Key projects and expansion initiatives

NMMC continues to expand and modernize its operations through a range of strategic capital projects:

• Muruntau mine development (Phase V, Stage 2): Feasibility studies were completed to increase annual ore delivery to 60 million tons from the Muruntau mine to Processing Plant №2. Muruntau-Myutenbay remains the world’s largest open-pit gold deposit with over 101 million ounces in resources.
• Processing plant №7 expansion: Part of the company’s 2030 Sustainable Development Program, this project will increase tailings processing capacity by 26 million tons, integrate modern technologies, and enhance energy efficiency.
• Kokpatas and Daugyztau mining project (Phase III): This project aims to supply 10 million tons of ore annually to Processing Plant №3.
• Zarmitan mine shaft commissioning: A new 1,000-meter vertical skip shaft – 6.5 meters in diameter – has been brought into service at the Zarmitan deposit. It will allow the extraction of 1.4 million tons of ore annually and serve multiple operational functions, including ventilation, dewatering, and personnel transport.
• Tailings storage expansion: In line with long-term sustainability goals, NMMC is constructing additional containment cells at the tailings facility for Processing Plants №2 and №7, ensuring the safe storage of waste through 2032.

Sustainability and governance

In the first half of 2025, NMMC made notable progress in environmental and governance initiatives:

• In February, the company received its first public ESG rating of “3” from Sustainable Fitch—becoming Uzbekistan’s first mining firm to earn such a rating.
• The company organized "Occupational Health and Safety Month" across its units, reinforcing a culture of safety.
• NMMC ranked first nationwide in Uzbekistan’s 2024 anti-corruption performance rating, scoring 96 points.
• In the 2024 Transparency Index, NMMC scored 89.2 points, placing 4th nationally for the third consecutive year and 3rd among 22 major industrial and joint-stock companies.

Geological exploration and corporate governance

NMMC continues to expand its resource base and implement international best practices in geological exploration.

In terms of governance, the Supervisory Board convened eight times in H1 2025, with its committees holding ten meetings and issuing 22 recommendations. Meanwhile, the Management Board held 59 meetings, resolving 127 operational matters.