NGMK Plans to Increase Gold Production by 30% by 2030 with Annual Investments of Up to US$600 Million

Tashkent, Uzbekistan (UzDaily.com) — The Navoi Mining and Metallurgical Company (NGMK) plans to increase its gold production by 30% over the next five years, Bloomberg reports.

By 2030, the company aims to produce about four million ounces of gold. The development program, launched in 2025, provides for annual investments of up to US$600 million. Last year, NGMK set a new record by producing 3.1 million ounces of gold, surpassing Russia’s Polyus and ranking fourth among the world’s largest gold producers.

The company is in talks with Citigroup Inc., Morgan Stanley, and JPMorgan Chase & Co. about a potential IPO in London and Tashkent. According to sources, NGMK’s valuation could reach around US$20 billion. Key projects include the expansion of the Muruntau open-pit mine and the construction of a new processing complex with an annual capacity of 30 million tons of ore.

The Central Bank of Uzbekistan remains the company’s main buyer of gold, but NGMK is gradually increasing sales on the domestic market to support the growth of the jewelry industry. In the first half of 2025, the company’s revenue rose by 41% to US$4.7 billion, while EBITDA grew by 52% to US$3.1 billion. The growth was driven by rising global gold prices and higher sales volumes.