Why is this important
The profit for the third quarter increased by 50% due to record prices for copper and gold. 8.3 trillion for 9 months — a rate of $1.1 billion in annual profit. Exports fell from 22.8% to 13.2% of revenue — AMMC shifted its focus to the domestic market. Long-term loans increased by 6.9 trillion soums — investments in modernization and production expansion. The IPO in 2027 is the primary placement of the largest mining asset.
What happened
- Profit for 9 months — 8.3 trillion (+35.1%);
- III quarter — 3.8 trillion (+50.1%);
- Exports fell to $377.8 million (13.2%) from $486.1 million (22.8%);
- Long-term loans — 31.4 trillion (+6.9 trillion);
- Short-term loans — 3.5 trillion (-256.1 billion);
- The IPO is planned for the first half of 2027.
Financial results
- 9 months of 2025: profit of 8.3 trillion against 6.1 trillion in 2024 (+35.1%).
- III quarter of 2025: profit of 3.8 trillion against 2.5 trillion in III quarter of 2024 (+50.1%) — record growth due to copper and gold prices.
- Annual rate: if the rate is maintained, the profit for 2025 will reach 11 trillion ($917 million).
Rising prices for copper and gold
- Copper: Growth from $8,000/ton (2023) to $10,000+ (2025) due to demand for electric vehicles, renewable energy, and supply shortages.
- Gold: growth from $1800/ounce (2023) to $2600+ (2025) due to geopolitical instability, inflation, and central bank demand.
AMMC produces 300 thousand tons of copper and 34 tons of gold per year. The price increase brought additional billions in profit.
Decline in exports
- 2024: $486.1 million in exports (22.8% of revenue).
- 2025: $377.8 million in exports (13.2% of revenue) — a decrease of $108 million (-22%).
- Reasons:
- Reorientation to the domestic market (construction, energy, production);
- Price increases in the global market have made exports less profitable due to duties;
- The state demands to provide the domestic market with copper, gold.
Credits
- Long-term: 31.4 trillion (+6.9 trillion) — investments in equipment modernization, capacity expansion, development of new deposits.
- Short-term: 3.5 trillion (-256.1 billion) — debt burden optimization, transition to long-term financing.
IPO in 2027
AMMC planned the initial placement of shares in the first half of 2027. This will be the largest IPO in the history of Uzbekistan — the company’s valuation is $5-7 billion, the placement of 10-20% of shares will attract $500-1400 million. Investors will gain access to a profitable asset (annually $1+ billion in profit) that diversifies the portfolio through copper and gold.
AMMC
- Products: copper (300+ thousand tons/year), gold (34 tons/year), silver, molybdenum, zinc.
- Location: Tashkent region, Almalyk.
- Deposits: Almalyk, Kalmakyr, Farther — reserves for decades.
- Owner: the state (100%).
Context
- Record III quarter (+50%): result of the rise in copper and gold prices. Every $1000 increase in copper prices generates +$300 million in revenue while extracting 300 thousand tons. Every $100 increase in gold prices yields +$110 million in extraction of 34 tons (1.1 million ounces).
- Reorientation to the domestic market: exports fell from 22.8% to 13.2% — AMMC provides construction, energy, and domestic production. Copper is needed for electrification, solar and wind power plants.
- Long-term loans (+6.9 trillion): AMMC is investing in modernization — new smelting furnaces, processing plants, and processing technologies. This will increase productivity and reduce costs.
- The IPO is the first for the mining sector: after the IPO, AMMC will become a public company traded on the exchange. Investors will have access to dividends (potentially 20-30% profit = $200-300 million per year).
