Navoi Mining and Metallurgical Company (NMMC) achieved exceptional results in 2023, solidifying its position as a key player in Uzbekistan's mining and metallurgical sector, NMMC reported. The company reported the production of products valued at an impressive UZS 67.5 trillion ($5.4bn), marking a remarkable growth rate of 103.8% compared to the previous year.
The financial contributions of NMMC to the State budget of the Republic of Uzbekistan were significant, with UZS 22.9 trillion ($1.8bn) paid in taxes and mandatory payments. Additionally, UZS 14.4 trillion ($1.1bn) was disbursed as dividends for the state's share, emphasizing NMMC's commitment to supporting the country's economic development.
Under the Investment program, NMMC allocated substantial funds totaling $473.5mn, resulting in the creation of 1,445 new jobs. The Localization program proved to be a catalyst for economic collaboration, leading to the production of localized products worth UZS 629.5bn ($50mn). Moreover, products amounting to UZS 5.5 trillion ($444mn) were purchased through intersectoral industrial cooperation, fostering synergy within the industrial landscape.
NMMC's proactive approach to cost optimization measures yielded positive results, contributing to a significant reduction in the cost of production by UZS 1.4 trillion ($113mn). This strategic initiative not only enhances operational efficiency but also ensures sustainable growth for the company.
Earlier in 2023, NMMC achieved noteworthy milestones under the Investment Program, completing construction and installation work on 11 projects. These developments underscore NMMC's commitment to expansion and modernization, positioning itself as a frontrunner in Uzbekistan's mining and metallurgical facilities.
During the initial three quarters of 2023, NMMC exhibited strong performance, generating products valued at over UZS 48.8 trillion, equivalent to more than $4bn. This outstanding result represents a notable increase of 14.3% compared to the corresponding period in the preceding year (9M22).
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