Central Asia’s Top Gold Miner Reports Best-Ever First-Half Results

Uzbekistan’s Navoi Mining & Metallurgy Company (NMMC), the fourth-largest gold producer globally and the leading gold miner in Central Asia, announced record-breaking financial results for the first half of 2025.

The impressive performance was fueled by robust gold production and favorable market conditions, The Caspian Post reports, citing Uzbek media.

The company produced 1.54 million ounces of gold in January-June 2025, a 1.3% increase from the same period last year. This solid output enabled NMMC to post revenue of $4.7 billion, up 41% compared to the first half of 2024, while net profit surged 71.8% to $1.5 billion.

“Our strong performance in the first half of 2025 demonstrates the resilience of our operations and commitment to financial discipline,” said Jakhongir Khasanov, Chief Financial Officer of NMMC. “The combination of higher production volumes and favorable gold prices allowed us to deliver record revenue and profit, while also strengthening our balance sheet.”

• Revenue rose to $4.7 billion in H1 2025 from $3.3 billion in H1 2024, supported primarily by higher gold prices set by the London Bullion Market Association (LBMA) and a modest increase in sales volumes.

• Net profit jumped to $1.5 billion, up from $882 million a year earlier.

• Adjusted EBITDA reached $3.1 billion, a 52% increase year-on-year, with the EBITDA margin improving to nearly 65%.

• All-in sustaining costs (AISC) rose to $1,164 per ounce, compared with $907 per ounce in H1 2024, due to higher royalties linked to stronger gold prices and an increase in rock mass extraction.

The company continued to advance its investment program, spending $412 million in capital expenditures, up 38% year-on-year. Funds were allocated to expanding production at existing mines and advancing near-mine exploration projects.

NMMC also reported a stronger balance sheet, with its leverage ratio improving to 0.5x from 0.6x last year. As of June 30, 2025, the company’s debt portfolio included its debut $1 billion Eurobond issuance in October 2024 and an additional $500 million Eurobond issued in May 2025.