• Sign in
  • 1744009905_435.svg 1744009905_642.svg

  • Latest news
  • Top headlines
  • Most read
  • Columnists
O'zbekcha
Ўзбекча
Русский
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • O'zb
  • Ўзб
  • Рус
  • Eng
  • Latest news
  • Top headlines
  • Most read
  • Columnists
    • USD12768.26
    • RUB162.63
    • EUR14400.04
    • Google play
    • App Store
    • Telegram
    • Tashkent
      +20°C
      • Andijan
      • Karshi
      • Bukhara
      • Samarkand
      • Ferghana
      • Sirdarya
      • Jizzakh
      • Termez
      • Namangan
      • Tashkent
      • Navoiy
      • Tashkent reg
      • Nukus
      • Urgench
    • Daryo
      • About Daryo
      • Editorial office
      • Contact us
      • Terms of use
      • Privacy policy
      • News archive
    • Advertisement
    • Social networks
      • Instagram | Main
      • Instagram | Lifestyle
      • Instagram | Sport
      • Facebook | Main
      • OK | Main
      • YouTube | Daryo
      • YouTube | Daryo in Russian
      • YouTube | Daryo Global
    Telegram Youtube Facebook Instagram Twitter vkontakte
    Daryo logo white
    • Uzbekistan
      • Others
      • Navoi
      • Tashkent region
      • Syrdarya
      • Jizzakh
      • Kashkadarya
      • Surkhandarya
      • Khorezm
      • Bukhara
      • Samarkand
      • Namangan
      • Fergana
      • Andijan
      • Karakalpakstan
      • Tashkent City
      • DaryoKindness
      • Weather
    • Central Asia
      • Uzbekistan
      • Afghanistan
      • Kyrgyzstan
      • Kazakhstan
      • Turkmenistan
      • Tajikistan
    • World
    • Money
      • Business
      • Economics
      • Finance
      • Crypto
    • Culture
      • Movies
      • Books
      • Music
      • Celebrities
    • Lifestyle
      • Women only
        • Children
        • Beauty
        • Carrier
        • Advises
        • Fashion
        • Recipes
      • Technology
        • Architecture
        • Gadjets
        • Science
        • Space
        • Media
      • Auto
      • Entertainment
      • Travel
      • Health
      • Education
        • Entrant
        • Learn english
    • Sport
      • Football
      • UFC
      • Boxing
    infinix
    Daryo.uz - Login
    Daryo.uz Daryo.uz
    Daryo.uz - Login
    Uzbekistan

    Uzbekistan's Navoi Mining and Metallurgical Company secures 'BB-' credit rating from S&P Global Ratings

    Uzbekistan's Navoi Mining and Metallurgical Company secures 'BB-' credit rating from S&P Global Ratings

    Navoi Mining and Metallurgical Company (NMMC) received its first credit rating from S&P Global Ratings, a 'BB-' long-term credit rating with a 'Stable' outlook, matching Uzbekistan's sovereign credit rating.

    Photo: NMMC, Uzbekistan's largest gold producer, secures first credit rating from S&P Global
    Source: NMMC

     

    During the rating process, S&P Global Ratings also evaluated NMMC's stand-alone credit profile (SACP) at 'bb+', the highest grade ever assigned to a company from Uzbekistan. This assessment underscores the company's robust financial health and operational efficiency.

    "Uzbekistan-based Navoi Mining and Metallurgical Co. (NMMC) is the world's fourth-largest gold producer with 2.9mn ounces (moz) of output in 2023. The company benefits from low production costs, vast reserves, and conservative leverage metrics, with funds from operations (FFO) to debt consistently above 60%," according to S&P Global Ratings.

    In 2023, NMMC's total cash cost (TCC) amounted to $745 per ounce of gold, one of the lowest among companies evaluated by S&P Global Ratings. The rating agency expects NMMC to maintain high operational and financial performance, supported by favorable gold prices.

    Eugeny Antonov, First Deputy CEO for Transformation, emphasized the significance of securing the company's first international credit rating, marking a pivotal moment in Uzbekistan's enterprise landscape. He highlighted that the rating broadens access to global capital markets, enhances the company's international reputation, and validates successful reforms and ongoing transformation efforts. 

    Photo: S&P Global Ratings assigns 'BB-' to Navoi Mining and Metallurgical Company
    Source: NMMC

     

    "Securing the company's first international credit rating marks an important milestone in the development of one of the largest enterprises in Uzbekistan. It broadens access to international capital markets, enhances the company's global reputation, and validates the successful implementation of reforms and the ongoing transformation within our country and the company itself".

    The assignment of an S&P Global Ratings stand-alone credit profile (SACP) at 'bb+' is deemed historic for Uzbekistan, underscoring the company's stable financial strategy and strong international investor confidence in its future development plans.

    NMMC is one of Uzbekistan's largest employers, contributing 6.3% of the country's GDP. Uzbekistan, the fastest-growing economy in the region with a GDP growth of 5.5%, is currently implementing a comprehensive structural reform program to drive economic diversification and liberalization. In line with the country's reform program, NMMC is undergoing a comprehensive transformation to align with international best practices across all operations.

    As the largest gold producer in Central Asia and the fourth-largest gold producer globally, NMMC mines, refines, and sells precious metals, primarily fine gold (99% of output). The company's facilities are located in the Navoi, Samarkand, and Jizzakh regions of Uzbekistan. NMMC operates 12 major mining sites, seven hydrometallurgical plants, and two heap-leaching workshops.

    The Muruntau-Myutenbai open-pit mine, the largest in the world, boasts a resource base of 101 Moz. NMMC's total mineral resources are estimated at 148 Moz of gold. The Ministry of Economy and Finance of the Republic of Uzbekistan is the main shareholder of the company, holding 98% of the charter capital.

     

    Follow Daryo's official Instagram and Twitter pages to keep current on world news.

    05.07.2024, 08:31   Comments (0)   2761
    Facebook Twitter LinkedIn Telegram Email
    Mokhinur Sultanova

    Comments (0)

    Sign in
    Leave A Reply Cancel

    On this topic

    NMMC in Uzbekistan to decrease authorized capital

    17.02.2024, 02:45

    Uzbekistan's NMMC achieves $1.5bn in production for 1Q24

    17.04.2024, 08:50

    S&P Global Ratings upgrades Kapitalbank's credit rating to 'B+' 

    02.07.2024, 13:00

    Uzbekistan launches case against Lukoil for price manipulation 

    04.07.2024, 20:25

    “We must further strengthen the cohesion of the "SCO family,” president of Uzbekistan 

    04.07.2024, 15:21

    Fitch assigns Uzbekistan's Kapitalbank 'B' rating with stable outlook 

    04.07.2024, 13:54
    ×Lightbox Image

    Daryo.uz | Solution to your problems


    Don't want to waste time standing in lines? Pay your utility bills through the Ipoteka Retail mobile app?


    Beepul 's rising popularity: 3.5x user growth, transaction up 2.3x in 2024


    Beeline Uzbekistan started 2025 with a significant network modernization


    More than 500,000 new users: residents of Uzbekistan choose the Hambi superapp

     

    Recommended

    "We wouldn’t have won without U.S. aid" – The hidden truths behind the USSR’s World War II victory

    12 May, 15:39

    Uzbekistan's banking deposits surge to $25.2bn in March

    8 May, 17:24

    Uzbekistan to host 59th ADB Annual Meeting in Samarkand for second time

    8 May, 11:26

    Uzbekistan sees rise in cross-border travel as outbound tourism jumps 20%

    7 May, 12:38
     
     
     

    Latest news

    Kyrgyzstan open to global cooperation in fintech and digital economy, says PM Kasymaliev

    Kyrgyzstan | 30 May, 17:39

    Tashkent ranks among Central Asia’s top 3 cities in Global Cities Index 2025

    Uzbekistan | 30 May, 15:07

    Uzbeks migrating to Khanty-Mansi region are returning to their ancestral lands, says Russian MP

    Uzbekistan | 30 May, 14:00

    Kazakhstan and Italy explore investment fund to advance agro-industrial complex

    Kazakhstan | 30 May, 13:05

    Uzbekistan, Pakistan explore joint textile production as Yunus Textile Mills eyes investment opportunities

    Uzbekistan | 30 May, 12:00

    Uzbekistan’s banking sector sees NPLs ease to 4.2%

    Uzbekistan | 30 May, 10:43

    Kazakhstan and Uzbekistan to establish pediatric cancer center

    Uzbekistan | 30 May, 09:00

    Kazakhstan, Germany expand partnership in trade, energy, and investment

    Kazakhstan | 29 May, 17:25
    Daryo About Us

    Full reproduction or partial quoting of material, as well as the use of photographic, graphic, audio and/or video materials of Daryo (the Uzbek Press and Information Agency (UzAPI, now the Agency for Information and Mass Communications under the Presidential Administration of the Republic of Uzbekistan) is registered on 13.03.2015 with certificate number No. 0944 as a mass media) is allowed if there is a hyperlink to the website daryo.uz and/or are accompanied by a note indicating the authorship of the online publication Daryo. Individual publications may contain information that is not intended for users under the age of 18. Info@daryo.uz

    Telegram Youtube Facebook Instagram Twitter vkontakte

    © Simple Networking Solutions, 2013–2025

    Age restriction

    Did you find a bug? Press Ctrl + Enter

    • Terms of use
    • Privacy policy
    • Advertisement
    What are we going to search for?

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Google

    or with email

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Register Now

    Already registered? Login.

    Google

    or with email

    A password will be e-mailed to you.

    Leaving a comment, Пользовательского соглашения and Политики конфиденциальности

    Found an error in the text?

    ×

    Thank you. We have received your message and will fix the error as soon as possible.