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London Stock Exchange Welcomes Debut Notes Offering by Navoi Mining and Metallurgical Company

Posted: 18 October 2024

Today, the London Stock Exchange welcomes Navoi Mining and Metallurgical Company JSC (“NMMC”) as it celebrates the launch of its inaugural US$500mm 6.70% 4-year and US$500mm 6.95% 7-year notes, to be admitted to trading on the London Stock Exchange.

NMMC is the world’s fourth-largest gold producer, with an annual output of 2.9 million ounces of gold (2023) and a total mineral resource base of 148 million ounces. The company’s operating mines include Muruntau-Myutenbay, the world’s largest gold deposit. NMMC’s total cash costs and all-in sustaining costs were ranked second lowest among its global peers (2023). The company’s business model includes exploration, mine construction, operating mines and processing facilities, and gold refining, as well as mining equipment manufacturing and repair.

Based in Uzbekistan, NMMC is a key driver of the nation’s economy, contributing 6.3% of GDP and 16.7% of state budget revenue last year. The company employs over 47,000 people across 12 major mining sites and nine processing facilities.

Kuvandik Sanakulov, NMMC Chairman and Chief Executive Officer, commented:

“The company’s landmark debut notes offering is only the beginning of what we expect will be a long and fruitful relationship with the global investor community. It is also an important event for Uzbekistan, where NMMC is a lynchpin of the local economy. With an over 55-year history of innovation in gold mining, NMMC continues to invest in the future to assure sustainable growth for our company and prosperity for the communities in which we operate.”

Evgeny Antonov, NMMC First Deputy CEO and Chief Transformation Officer, added:

"This Eurobond issue is a unique transaction, both in terms of the volume and the coupon rate achieved during the pricing process. Strong investor demand reaffirms NMMC’s position as a leader in the mining industry and is the culmination of several years of transformative changes at the company. NMMC is implementing ambitious strategic goals, focused on improving production at existing mines, pursuing new exploration areas, and implementing digitalisation across our operations, all with the aim of becoming a truly global mining company. We will continue to leverage our world-class assets and operational efficiency to deliver returns for our investors."

Additional information about the company is available at https://www.ngmk.uz.

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