Navoi Mining & Metallurgical Plant (NMMC), Uzbekistan’s largest company and the world’s fourth-largest gold producer, has released its financial results for the first half of 2025, prepared in accordance with International Financial Reporting Standards (IFRS).
According to the report, the company’s net profit surged to $1.51 billion, a 71.8% increase compared to the same period last year ($882 million), Gazeta.uz reports.
Revenue hit a record $4.715 billion, up 40.9% year-over-year, driven primarily by elevated global gold prices.
Gold production amounted to 1.54 million ounces (47.9 tonnes), a 1.3% increase from last year’s 1.52 million ounces (47.3 tonnes). Financial calculations were based on a gold price assumption of $3,113 per ounce.
The company’s primary customer is the Central Bank of Uzbekistan, an affiliated party. Sales over the six-month period totaled $4.42 billion (up from $3.3 billion), largely fueled by rising gold prices on the London Bullion Market, with a smaller contribution from increased sales volumes.
Operating profit climbed from $1.7 billion to $2.8 billion (+60.3%). Tax payments jumped nearly 70%, from $716 million to $1.22 billion.
Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 51.7% to $3.06 billion. Rising gold prices and higher sales volumes outpaced cost growth, pushing the EBITDA margin up to 64.9%, compared to 60.3% a year earlier.
The AISC (All-In Sustaining Cost — total cash cost of production and mine maintenance) increased from $907 to $1,164 per ounce (+28.3%). “This increase was in line with expectations and was primarily driven by higher royalty payments due to rising gold prices, as well as increased ore extraction volumes,” the company stated.
Royalty payments (mineral extraction tax) totaled $571 million, up from $344 million the previous year (+66%).
Investment spending rose 38.3% to $412 million, allocated to mine expansion and exploration of new deposits.
The debt-to-EBITDA ratio improved from 0.6x to 0.5x, despite three outstanding Eurobond issuances.
Earlier, Bloomberg reported that NMMC is continuing preparations for a dual listing on the London Stock Exchange and a local Uzbek exchange. Preliminary estimates suggest the company’s enterprise value could reach approximately $20 billion.
CentralasianLIGHT.org
Sept. 18, 2025