Navoi saw first half output value double on higher gold prices

[Ben Graham]

Navoi Mining & Metallurgical Company (NMMC) has reported gold production of nearly 1.54 million oz. for the first six months of 2025, a slight increase on the 1.52 million oz. from a year ago.

Its first-half production value, however, doubled over the comparable six-month period to around $4.7 billion, owing to the increase in gold prices over the past year.

The Uzbek gold miner currently operates a dozen mines across the Navoi, Samarkand and Jizzakh regions. Its portfolio is headlined by Muruntau, the largest open-pit gold deposit with a resource base of over 100 milllion oz.

To improve the efficiency at its mines, NMMC has been implementing multiple capital projects, including a Phase 5 mine development at Muruntau that could boost ore deliveries from the site to one of its processing plants. The company says that these production optimization efforts in H1 2025 helped to yield cost savings of $139.6 million.

During the second quarter, NMMC completed a $500 million corporate bond placement on the London Stock Exchange to fund its operations.