TASHKENT, Uzbekistan, June 12. Navoi Gold Mining Company, one of the largest and most influential players in Uzbekistan’s mining sector, has set a new benchmark in its history with record-breaking gold production and robust financial performance, said Eugene Antonov, First Deputy General Director and Chief Transformation Officer of NMMC, during the panel discussion Sustainable Mining: New Opportunities for Investors within the IV Tashkent International Investment Forum, Trend reports.
“In the past year, the company produced an impressive 3.1 million ounces of gold, marking a milestone with a 30 percent increase in production over the last seven years. With nearly 150 million ounces of gold resources, Navoi’s mine life is expected to exceed 50 years, far surpassing the industry average of 15 to 20 years. This significant achievement has positioned Navoi as one of the most resilient and long-term players in the global mining industry,” stated Antonov.
The company’s financial performance mirrors its operational success. In 2024, Navoi Gold Mining Company recorded revenues of $7.4 billion, driven by both all-time high gold prices and increased production.
“We also reported an EBITDA of $4.6 billion, with an exceptional EBITDA margin of over 60 percent, positioning us as one of the most cost-efficient gold producers globally. Our all-in sustaining cost per ounce stood at $979, second only to Russian mining giant Polyus,” Antonov added.
Navoi’s full-cycle operations—from exploration and mine construction to refining—contribute to its ability to maintain low production costs while achieving high output.
Navoi operates 12 mine sites and nine processing facilities across Uzbekistan, with its flagship Morontau Mine—the world’s largest open-pit gold mine—accounting for over 70 percent of its resource base. The company plays a crucial role in Uzbekistan’s economy, contributing 6.5 percent to the national GDP, employing 47,000 people, and remaining the largest taxpayer in the country.
Beyond its financial and operational successes, Navoi is committed to sustainability.
“We have set clear targets for emission reductions and are increasing our use of renewable energy. By 2025, we aim to source 20 percent of our energy from renewable sources. Additionally, we aim to reduce freshwater usage by 36 million cubic meters by 2030 and have already invested over $200 million in community sponsorship programs to improve the quality of life for local residents,” Antonov shared.
Navoi recently hit the nail on the head by becoming the first mining company in Uzbekistan to snag a USG rating, putting its ducks in a row with global sustainability standards.
“We are already addressing areas identified for improvement and are strengthening our governance by adding two independent board members,” Antonov explained. Furthermore, Navoi is collaborating with the World Gold Council to enhance its sustainability efforts.
With its proven track record, commitment to innovation, and focus on long-term economic and environmental goals, Navoi Gold Mining Company is well-positioned to continue its leadership in the global mining industry.
“We remain committed to producing gold responsibly, prioritizing environmental stewardship, ensuring employee safety, and investing in the sustainable development of local communities,” Antonov concluded.
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