TASHKENT, Uzbekistan, October 14. International credit rating agency Fitch Ratings has affirmed JSC Navoi Mining and Metallurgical Company’s (NMMC) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating at ‘BB’, Trend reports.
Fitch highlighted NMMC’s large scale as the world’s fourth-largest gold producer, with output exceeding 3 million ounces (moz). The company is among the lowest-cost producers, benefiting from a long mine life, high profit margins, and low leverage. These strengths are partly offset by concentrated operations in a challenging operating environment and relatively weak liquidity.
NMMC’s Standalone Credit Profile (SCP) is ‘bb+’, but its IDR is constrained by Uzbekistan’s sovereign rating (BB/Stable), in line with Fitch’s Government-Related Entities (GRE) Rating Criteria. Fitch notes that NMMC is closely linked to the state, which exerts strategic direction and controls cash flows through taxation and dividends. The company’s GRE support score is 30 out of 60.
NMMC operates 12 major mining sites, seven processing plants, and two heap-leach workshops, all located in Uzbekistan. Its largest site, the Muruntau mine, accounts for roughly 70 percent of production and reserves. Over 90 percent of NMMC’s gold is sold to the Central Bank of Uzbekistan at London Bullion Market prices, with the remainder sold to local jewelers.
In 2025, NMMC launched a $3 billion investment program aimed at increasing production by 30 percent by 2030. The company maintains low leverage, with net and gross debt to EBITDA expected to remain below 1x. Dividend policy is strongly influenced by the government, which considers leverage, cash flow, and investment requirements when determining payouts, historically around 100 percent of net income.
NMMC benefits from low operating costs, with all-in sustaining costs (AISC) in 2024 at USD 979/oz, placing it in the first quartile globally. Costs are rising due to higher prices for consumables, indexed electricity tariffs, and labor. Muruntau’s reserve life remains robust at 25 years, and JORC reserve estimates for other mines are expected by early 2026.
Under Fitch’s GRE criteria, decision-making and oversight are rated ‘Strong’ due to state ownership via the Ministry of Economy and Finance. While the government is considering a minority IPO, it is expected to maintain strong influence over NMMC, monitoring budgets, investment programs, and performance indicators. Historical support has been strong, with 19 percent of debt at the end of 2024 from government entities, declining to 7 percent by June 2025. The company has not received equity injections in the past decade.
NMMC plays a key role in national policy, producing over 80 percent of Uzbekistan’s gold, acting as the largest taxpayer, and a major employer. By June 2025, over 85 percent of its debt was composed of international loans and Eurobonds. Fitch assesses contagion risk as strong, noting that a default could affect the sovereign and other GREs’ borrowing capacity internationally.
The company is also improving corporate governance, publishing IFRS financial statements since 2020, providing half-year financials, and enhancing reporting timeliness. The supervisory board includes state representatives and two independent members appointed in 2024. NMMC’s management has a positive track record of completing expansion programs on time and within budget.
