Uzbekistan's Gold Mining Giant NMMC Prepares for IPO, Valuing at $20 Billion

Navoi Mining & Metallurgical Company (NMMC), Uzbekistan's state-owned mining giant, is preparing for an IPO that would make it the world's fourth-largest publicly listed gold miner. The company, which contributes 6.5% of GDP and ranks among the largest employers in Uzbekistan, has a flagship gold commodity and uranium, copper, silver, molybdenum, zinc, tungsten, and rare earth elements. NMMC's principal asset is Muruntau, the largest open-pit gold mine in the world, producing 60 tons of gold annually. The government plans to sell up to 5% of NMMC, with the deal potentially valuing the company at $20 billion, including debt.

Navoi Mining & Metallurgical Company (NMMC), Uzbekistan's state-owned mining giant, is preparing for an initial public offering (IPO) that could make it the world's fourth-largest publicly listed gold miner. The company, which contributes 6.5% of the country's GDP and ranks among the largest employers in Uzbekistan, has a diverse portfolio of commodities including gold, uranium, copper, silver, molybdenum, zinc, tungsten, and rare earth elements. NMMC's principal asset is Muruntau, the largest open-pit gold mine in the world, producing 60 tons of gold annually.

The IPO, which is part of the Central Asian nation's privatization agenda, aims to sell up to 5% of NMMC, potentially valuing the company at $20 billion, including debt. The Uzbek government has mandated that shares be listed domestically alongside any international offering, in line with a presidential decree issued in April. NMMC is working with financial advisors Citigroup Inc., Morgan Stanley, and JPMorgan Chase & Co. to arrange the offering, with Rothschild & Co. serving as the IPO adviser.

The decision to proceed with the IPO is driven by the recent rally in gold prices. Gold has nearly doubled over the past three years, with central bankers, asset managers, and private investors flocking to bullion amid rising geopolitical risks. The price of gold hit a record above $3,500 an ounce in April, and analysts expect it to remain well-supported. Gold miners like Newmont Corp. and Barrick Mining Corp. have seen their share prices soar this year, further encouraging NMMC's plans.

For London, the transactions could serve as a much-needed boost, as the British capital has suffered its worst first half for IPOs in nearly three decades. Historically, London has been a popular listing venue for mining and emerging market companies.

NMMC's annual report indicates that the company made around $4 billion in operating profit last year, producing 3.1 million ounces of gold and generating $7.4 billion in revenues. The company's dual listing in the UK and Uzbekistan is expected to provide a significant financial injection, while also aligning with the government's privatization goals.

[1] https://www.bloomberg.com/news/articles/2025-08-12/uzbek-gold-miner-said-to-eye-20-billion-value-in-dual-listing
[2] https://www.mining.com/web/uzbek-gold-miner-said-to-eye-20-billion-value-in-dual-listing/