Uzbekistan to reform Navoi mining & metallurgical complex

Business Materials 4 March 2020 20:45 (UTC +04:00)
Uzbekistan to reform Navoi mining & metallurgical complex

BAKU, Azerbaijan, Mar. 4

By Ilkin Seyfaddini – Trend:

Uzbekistan plans to reform the state enterprise Navoi Mining and Metallurgical Complex to make it a modern company, Trend reports citing Uzbek media.

Navoi Mining and Metallurgical Complex is the largest industrial enterprise in the country. It extracts gold, uranium and rare metals, and produces raw materials for the construction materials and machine tool industry as well as a wide range of consumer goods.

The plant accounts for 10 percent of all industrial output in Uzbekistan and 18 percent of budget revenues. The enterprise employs 58,000 people.

In terms of raw material resources, the complex ranks third among the world's gold producers. However, its asset value is much lower than that of similar foreign companies. For example, the book value of complex is currently estimated at $1.3 billion, while the market price of foreign companies of that level is $11 billion.

In this regard, it is planned to transform the plant into a modern company. The Program for the Development of Navoi Mining and Metallurgical Complex until 2026 is being consistently implemented. Within its framework, eight facilities worth $1.2 billion were put into operation between 2017 and 2019. As a result, over the past three years, the gold production has increased by 2.5 percent and silver production by 37 percent.

It is also planned to increase the production volume at the enterprise to 94 tons by 2026 and implement 40 projects worth $4 billion, including the development of a new deposit with a design value of $525 million.


Follow author on Twitter: @seyfaddini