Why is this important
Muruntau is the world’s second-largest gold producer, while Almalyk is among the top five. Two of the five largest mines are the concentration of world production. NMMC earned $1.5 billion in half a year, AMMC — $694 million in 9 months — gold brings billions to the budget, supports the sum, and finances development.
What happened
- Muruntau produced 2.68 million ounces in 2024 — second place in the world;
- Almalyk — 1.1 million ounces;
- Two of the world’s five largest mines are located in Uzbekistan;
- NMMC: $1.5 billion in profit for the first half of 2025;
- AMMC: $694 million for 9 months.
Muruntau
- Production in 2024: 2.68 million ounces (83.4 tons).
- Place in the world: second after Nevada (USA) with 2.7 million ounces.
- Location: Navoi region, Kyzylkum Desert.
- Feature: The world’s largest quarry with a depth of 600+ meters, visible from space.
- Owner: Navoi Mining and Metallurgical Company.
- NMMC’s profit: $1.5 billion in the first half of 2025 is the result of high gold prices ($2500+ per ounce) and large production volumes.
Almalyk
- Production in 2024: 1.1 million ounces (34.2 tons).
- Place in the world: top-5
- Location: Tashkent region.
- Feature: complex mine — extracts gold, copper, silver, molybdenum.
- Owner: AMMC (Almalyk Mining and Metallurgical Company).
- AMMC profit: $694 million for 9 months of 2025.
Uzbekistan is a gold-producing power
Two of the world’s five largest deposits in Uzbekistan have a unique concentration. Only the US and Uzbekistan have two deposits in the top five.
- Total production of Uzbekistan: 100 tons of gold per year (seventh place in the world).
- Export: gold is the largest export item ($7+ billion per year), providing 30-40% of foreign exchange earnings.
- Gold price: $2500+ per ounce in 2024-2025 (increase from $1800 in 2023) — additional billions in profits for Uzbekistan.
NMMC and AMMC
- NMMC: a state-owned company, manages Muruntau, Zarafshan, and other deposits. Profit of $1.5 billion in half a year — a rate of $3 billion per year.
- AMMC: a state-owned company, manages Almalyk, extracts gold, copper, and silver. Profit of $694 million for 9 months — a rate of $925 million per year.
- Contribution to the budget: NMMC and AMMC pay taxes, dividends ($2+ billion per year), finance the development of regions, create jobs (50 000+).
Context
- Muruntau is a legend: the largest quarry in the world, visible from space. Discovered in 1967, the reserves are estimated at 5,000+ tons of gold — enough for decades.
- Almalyk is a complex: it extracts not only gold, but also copper (more than 300 thousand tons per year), silver, and molybdenum — diversifying its income.
- Gold price: rise from $1800 (2023) to $2500+ (2024-2025) brought additional billions to Uzbekistan. With an annual production of 100 tons (3.2 million ounces), each $100 price increase yields +$320 million in revenue.
- Gold supports the soum: export revenue of $7+ billion per year ensures the strengthening of the national currency (the dollar fell from 12,800 to 11,972 per year).
