NGMK: Gold Production Reaches 1.54 Million Ounces, Investments Up 38%

Tashkent, Uzbekistan (UzDaily.com) — The Navoi Mining & Metallurgy Combinat (NGMK), the world’s fourth-largest gold producer and the largest gold mining company in Central Asia, has released its IFRS financial results for the first half of 2025.

According to Jahongir Khasanov, NGMK’s Deputy General Director for Economics and Finance, the company produced 1.54 million ounces of gold in H1 2025, an increase of 1.3% compared to the same period in 2024. The production growth was driven by higher volumes of ore extraction and processing at existing mines.

Total revenue for the period reached US$4.715 billion, up 40.9% from US$3.346 billion a year earlier, supported by a combination of favorable market conditions and increased sales volumes.

NGMK’s net profit for the first six months amounted to US$1.515 billion, 71.8% higher than in H1 2024. Adjusted EBITDA reached US$3.06 billion, up 51.7%, while the EBITDA margin increased to 64.9% from 60.3% the previous year.

The company’s all-in sustaining costs (AISC) totaled US$1,164 per ounce, rising 28.3% compared to the same period in 2024, mainly due to higher royalties and increased ore extraction volumes.

Investment activity also grew, with net cash allocated for the development of production capacity and exploration of new deposits totaling US$412 million, 38.3% higher than in H1 2024.

NGMK maintains strong financial discipline, with its debt ratio decreasing from 0.6 to 0.5, underscoring the company’s stability and its capacity to service a debt portfolio that includes Eurobonds totaling US$1.5 billion.

The company continues to strengthen its position in the global market through a vertically integrated business model covering the full cycle—from geological exploration and mining to ore processing, gold refining, and mining equipment production. Among its active mines, the Muruntau-Mutenbay deposit stands out as the largest in the world, with a resource base exceeding 100 million ounces. The company’s total mineral resource base exceeds 140 million ounces, ensuring stable production levels and long-term growth prospects.