Navoi Mining and Metallurgical Company
Uzbek industrial enterprise
From Wikipedia, the free encyclopedia
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]
 | |
| Type | Joint-stock company |
|---|---|
| ISIN | UZ7057810010  |
| Industry | Mining |
| Founded | 1958 |
| Headquarters | Navoiy, Navoiy Region, Uzbekistan |
| Key people | Kuvondik Sanakulov, Director General |
| Products | Gold and silver products |
| Revenue |  US$7,395 million (2024)[1] |
| US$3,928 million (2024)[1] | |
| 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 |
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]