Uzbekistan’s NMMC places fifth in 1H23 ranking of world’s top gold producers

By Muzaffar Ismailov in Tashkent September 14, 2023

Uzbekistan’s Navoi Mining and Metallurgical Combine (NMMC) ranked fifth among the world's top gold producers in 1H23, according to Canadian trade media outlet Kitco.

The Uzbek giant produced 1.42mn ounces of gold during the six months, meaning output was up 2.1% y/y.

Topping the ranking was American Newmont (2.51mn ounces). Second was Canada’s Barrick (1.96mn ounces).

Last year, NMMC produced approximately 1.7mn ounces of the precious metal at its Muruntau deposit.

The total reserves of the mine are estimated at 150mn ounces. Muruntau, however, last year lost its recognition as the largest gold mining field in the world, giving way to Indonesia's Grasberg.

Uzbekistan's President Shavkat Mirziyoyev has previously noted plans under which, by 2030, 19 projects worth $3.8bn will be implemented at NMMC, with gold production to expand by one and a half times, to 155 tonnes per year.

Related Articles

Kazakhstan and Uzbekistan’s combined IT exports surpass $800mn

Kazakhstan and Uzbekistan’s combined IT exports surpassed $800mn in 2023. The Kazakh IT sector's export revenue jumped from $50mn in 2020 to over $500mn last year. Astana Hub was a major ... more

Reconstruction of Afghanistan-Uzbekistan railway starts, ambition is to extend route to Pakistan

Engineers have commenced the $6.3mn and three-month reconstruction of the 75-kilometre (47-mile) cross-border railway line that links Uzbekistan and Afghanistan, ... more

Fitch affirms Uzbekistan at 'BB-' with a stable outlook, says bank selloffs timetable challenging

Fitch Ratings on February 23 affirmed Uzbekistan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a ... more

Dismiss