Tashkent, Uzbekistan (UzDaily.uz) — Navoi Mining and Metallurgical Company (NGMK) posted IFRS net profit of US$2.382 billion in the first half of 2026, up 57.2% from the same period a year earlier. Revenue increased 49.9% to US$7.067 billion from US$4.715 billion in the first half of 2025. The financial results were published on 28 September, NGMK’s press service reported.
The company attributed the main increase in revenue to higher gold prices. At the same time, gold production declined 1.8% to 1.51 million troy ounces from 1.54 million ounces a year earlier.
Jakhongir Khasanov, First Deputy CEO for Finance, Transformation and Privatization, said the company’s debt leverage ratio fell from 0.5x to 0.3x. According to him, this demonstrates the company’s financial stability and conservative approach to risk.
NGMK’s operating profit rose 60.5% to US$4.511 billion. Adjusted EBITDA increased 59.8% to US$4.889 billion, while its margin rose from 64.9% to 69.2%. The company attributed the improvement to gold prices and revenue growing faster than costs.
All-in sustaining costs (AISC) increased 41.5% to US$1,647 per ounce from US$1,164 a year earlier. The company cited higher royalties, or subsoil-use tax, as a key factor, with royalties accounting for 31% of AISC, as well as inflation in the cost of consumables.
Costs for stripping operations at the Muruntau open pit also increased as part of the “Muruntau Open Pit Development — Stage V, Phase II” investment project, which is aimed at increasing production in the medium and long term.
Another factor was the 6.1% appreciation of the soum against the US dollar. The average exchange rate in the first half of 2026 was 12,102.41 soums per US$1, compared with 12,892.91 soums a year earlier. This increased AISC by US$101 per ounce, accounting for 8.7% of the total increase in the indicator.
Total cash costs (TCC) rose 28.5% to US$1,277 per ounce.
Net cash inflow from operating activities declined 3.4% to US$2.514 billion. Cash capital expenditure increased 31.8% to US$543 million. The funds were mainly directed toward expanding the capacity of existing mines, including the mining equipment fleet, as well as geological exploration to increase the resource base.
As of 30 June 2026, NGMK’s debt portfolio included US$500 million in Eurobonds issued in May 2025 on the London Stock Exchange and US$1 billion in Eurobonds issued in October 2024. The weighted average effective interest rate on the debt portfolio decreased from 7.71% to 6.67% per year.
NGMK is the world’s fourth-largest gold producer. The company employs more than 50,000 people, with production infrastructure comprising more than 12 major mines and 10 processing facilities in Uzbekistan.
Its key assets include the Muruntau deposit, which has a resource base of more than 100 million ounces and is described by the company as the world’s largest gold deposit.
