BAKU, Azerbaijan, April 7
Trend:
"NavoiyUran" state enterprise, "Navoi Mining and Metallurgical Combine" joint-stock company and "Fund of the Navoi Mining and Metallurgical Combine" state institution are created on the basis of the "Navoi Mining and Metallurgical Combine" state enterprise proceeding from the resolution of the Uzbek government dated March 30, 2021.
"A production enterprise, namely, the Navoi Mining and Metallurgical Combine joint-stock company, will be engaged in the extraction and production of precious metals," the document said.
During the February 2020 meeting on reforming the Navoi Mining and Metallurgical Combine state-owned enterprise, the president stressed that the Navoi Mining and Metallurgical Combine is the biggest industrial enterprise in the country.
The Navoi Mining and Metallurgical Combine mines gold, uranium, rare metals, produces raw materials for the building materials and machine tool industry, a wide range of consumer goods.
The Combine accounts for 10 percent of all industrial products produced in Uzbekistan and 18 percent of budget revenues. Some 58,000 people work at the Combine.
In terms of raw materials, the Navoi Mining and Metallurgical Combine ranks third among the world's gold producers. However, the value of its assets is much lower than that of similar foreign companies.
So, at present, the book value of the Combine is estimated at $1.3 billion, while the market price of foreign enterprises of this level is $11 billion.
In this regard, it is planned to transform the Combine into a modern company. The state is taking comprehensive measures in this sphere.
In particular, the Program for the Development of the Navoi Mining and Metallurgical Combine until 2026 is being consistently implemented.
Eight facilities worth $1.2 billion were commissioned during 2017-2019. As a result, over the past three years, the volume of gold production increased by 2.5 percent, silver - by 37 percent.
The issues of improving the structure of the Combine, ensuring its corporate transparency, bringing settlements in line with international standards were discussed.
The need to bring the production volume at the Combine up to 94 tons by 2026, the implementation of 40 projects worth $4 billion, including the development of a new field with a design cost of $525 million, was stressed.
The importance of assessing the gold reserve of the Combine in the volume of 3,700 tons on the basis of international standards and indicating on the balance sheet of the Combine was emphasized.