The Navoi Mining Metallurgical Combine (NMMC), one of Uzbekistan's largest enterprises, reported a net profit of $3.5 billion for 2025, a 64% increase from $2.1 billion in 2024, according to its financial statements. Revenue grew by 46.4% to $10.8 billion, while operating profit rose by 58% to $6.2 billion. The adjusted EBITDA metric reached $6.95 billion (+52.4%), and the EBITDA margin improved from 61.7% to 64.2%.
Gold production totaled 3.156 million troy ounces (98.2 tonnes), a 1.9% increase from the previous year (3.08 million ounces), attributed to higher ore extraction and processing. However, all-in sustaining costs (AISC) surged by 38.7%—from $979 to $1,358 per ounce. The company explained this rise was due to increased royalty payments amid high gold prices, expanded mining volumes, and inflationary pressures on material costs.
The average gold price on the London precious metals market in 2025 was $3,439.54 per troy ounce, 44% higher than the $2,388.98 in 2024. Investments (Cash CAPEX) exceeded $1 billion (+11.5%), with funds allocated to expanding the capacity of existing mines and developing geological exploration to enhance the resource base.
The company's debt burden improved: the net debt-to-EBITDA ratio decreased from 0.5 to 0.3. As of the end of 2025, the debt portfolio included $500 million in Eurobonds placed on the London Stock Exchange in May 2025, as well as $1 billion in Eurobonds issued in October 2024. NMMC paid dividends of $3.2 billion, an 84.7% increase from $1.7 billion in 2024, and announced an additional $248 million in dividends paid between January and March of the current year.
Beyond direct dividends, the company allocated $92 million (more than $84 million in 2024) to charity and sponsorship activities as directed by state authorities. Additional revenues from gold became a significant source of tax income in 2025, against which the government increased its expenditures by an additional 41.2 trillion soums. In March, the President of Uzbekistan issued instructions to accelerate mining industry projects, with plans to raise gold production to 175 tonnes (currently around 118.4 tonnes) and copper to 500,000 tonnes by 2030.
Source: www.gazeta.uz