Navoi, 22 October. The Navoi Mining and Metallurgical Company, Uzbekistan's largest gold producer, produced about 2.3 million troy ounces of gold in January–September 2026, against 2,346,600 ounces a year earlier, and met its plan for three quarters, the company reported.
The value of its output rose by a third, to 128.1 trillion soums from 95.3 trillion a year earlier.
Physical gold output barely changed and, judging by last year's figure, even fell slightly, while the value of output rose on the back of prices. The first half showed the same picture: gold production fell by 1.8% to 1.51 million ounces, while net profit rose by 57.2% to $2.38bn as gold prices climbed on the London Bullion Market.
Under its investment programme the company spent $390.5m, against $342.9m a year earlier, and created 1,344 jobs, against 2,005. The projects aim to raise output: at the largest deposit, Muruntau, conveyor lines No. 5 and No. 6 are being built and drilling rigs, excavators and heavy dump trucks are being bought; more than 143 million cubic metres of rock were moved at the mine in nine months. A tailings facility is being built for hydrometallurgical plant No. 3, which processes ore from the Kokpatas and Daugyztau deposits; a processing complex was completed at plant No. 7 in 2026, and plant No. 2 commissioned a unit that recovers gold from water stored in its tailings facility. In August the deepening of the Glavny shaft at the Zarmitan mine was completed.
What it means: NMMC is holding gold output at last year's level and earning more because of prices, not volumes; investment in expanding mines and plants is growing, but fewer jobs are being created than a year ago.
Who benefits: Uzbekistan's budget and economy, for which NMMC gold is one of the main sources of exports and revenue. Holders of the company's Eurobonds get a stronger borrower. The sources name no direct effect for Kazakhstan; the Kazakh side is not mentioned in the report.
Background: In 2025 NMMC produced 3.15 million ounces of gold, 1.9% more than in 2024; the company's debt portfolio includes $500m of Eurobonds placed on the London Stock Exchange in May 2025 and $1bn of Eurobonds issued in October 2024.
List of sources used: Mining Industry KZ, Spot
Artificial intelligence was used in preparing this material.
