Why is this important
The gap between revenue growth and the modest growth rate of gold indicates the influence of price factors, localization, expansion of product lines, and other segments. The success of NMMC affects the country’s economy, exports, and the investment attractiveness of the mining and metallurgical sector.
What happened
- The value of manufactured products reached 95.3 trillion soums, an increase of +42.7%.
- Gold: 2.34 million ounces (72.98 tons), growth +2%.
- The average price of a troy ounce, by domestic calculations, is 40.78 million soums (3,359 USD).
- Investments under the development program amounted to $342.9 million — 44% less than a year earlier ($613.5 million).
- The number of new jobs created has increased more than 5 times — more than 2,000 new positions.
- Localization: the volume of production under the localization program exceeded 1.1 trillion soums, a growth of +57.2%.
- Procurement through intersectoral industrial cooperation increased by 10% to 5.5 trillion soums.
- Due to cost optimization, the reduction in production costs reached 3 trillion soums.
- In the first half of 2025, NMMC set records for revenue and net profit: $4.7 billion (+40.9%) and $1.51 billion (+71.8%).
What they say
The publications note that NMMC remains one of the world leaders in gold production. In its annual report for the first half of 2025, the company reported an increase in gold production to 1,5376 thousand ounces, which is higher than the same period last year.
Context
In 2024, NMMC achieved a historic record of 3 million ounces of gold for the first time. NMMC is one of the largest state-owned enterprises in Uzbekistan, playing a key role in the mining and export sector. In 2024, the mining industry of Uzbekistan produced 122.7 trillion soums worth of products.
