Navoi Mining and Metallurgical Combinat (NMMC), the largest gold mining company in Central Asia and the fourth-largest gold producer in the world, has announced its audited financial results for 2024 under International Financial Reporting Standards (IFRS), reports Gazeta.uz.
According to NMMC Chairman and CEO Kuvandik Sanakulov, the company achieved record revenue.
“Thanks to the intensification of investment projects, the company has implemented 24 major investment projects over the past eight years, with a total value of $3 billion, which allowed us to complete our production program scheduled through 2026 already in 2024—two years ahead of schedule. At the same time, NMMC continues to maintain its position as one of the lowest-cost producers in the industry while investing in the company’s future sustainable growth,” he emphasized.
In 2024, gold production totaled 3.10 million troy ounces (96.4 tonnes), up 5.4% from 2023 (2.94 million ounces / 91.4 tonnes), driven by the launch of new mining and processing capacities.
Revenue grew by 29.5% to $7.4 billion (compared to $5.7 billion in 2023), marking a record high for the company.
Adjusted EBITDA reached $4.6 billion (+39.4%), with an EBITDA margin of 62% (compared to 58% the previous year).
Net profit increased by 44.6%—from $1.48 billion to $2.14 billion. This was due to a rise in the global average gold price, which climbed by nearly 23% last year to $2,389 per troy ounce (up from $1,943 in 2023), according to the London Bullion Market Association (LBMA).
All-in sustaining costs (AISC) stood at $979 per ounce, compared to $866 the year before. The increase was mainly due to higher royalty payments amid greater gold sales revenue, increased fuel expenses due to higher volumes of mined rock, and rising payroll costs.
Development investments amounted to $914 million, up 34.6% from 2023.
Leverage (net debt to adjusted EBITDA ratio) decreased from 0.7x to 0.5x, “demonstrating the company’s strong financial stability,” the statement said.
In 2024, NMMC successfully issued its first Eurobond worth $1 billion, split into two tranches of $500 million each, with maturities of 4 and 7 years.
Over the past eight years, NMMC has implemented 24 major investment projects totaling $3 billion, strengthening its position as a global player in the gold market.
About the Company
NMMC is the fourth-largest gold producer in the world, with annual gold output of 3.1 million ounces (2024) and a total mineral resource base of 148 million ounces.
The company’s active mines include Muruntau-Myutenbai, the world’s largest gold deposit, with a resource base of over 100 million ounces.
NMMC’s business model includes exploration, mine construction, operation of mining and processing facilities, gold refining, and the production and repair of mining equipment.
The company employs more than 47,000 people across 12 primary mining enterprises and 9 processing facilities.
In the summer of last year, the S&P agency assigned a credit rating to Navoi Mining and Metallurgical Combinat for the first time. In 2023, NMMC ranked fourth in the world for gold production (90.2 tonnes), though the report noted risks related to water resources and dependency on a single deposit.
CentralasianLIGHT.org
April 16, 2025