TASHKENT, Uzbekistan, October 18. Fitch Ratings has revised Navoi Mining and Metallurgical Company's (NMMC) standalone credit profile from ‘bb’ to ‘bb+’, the NMMC told Trend.
The rating reflects an extension in the company's amortization profile and further diversification of its funding sources.
At the same time, Fitch Ratings has assigned a final senior unsecured rating of 'BB-' with a Recovery Rating of 'RR4' to NMMC’s debut notes offering, consisting of $500 million notes due 2028 and $500 million notes due 2031.
The bonds will rank pari passu with the company's existing and future senior unsecured debt. This rating aligns with NMMC's Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook.
The issuance marks a significant milestone in NMMC's strategic plan to straighten its financial standing. Proceeds from the notes will support capital expenditure initiatives and refinance existing debt, positioning the company for sustained operational growth and financial resilience.
Moreover, the revised standalone credit profile underscores NMMC's solid financial foundation and its status as the fourth-largest global gold producer, with a projected output of over 3 million ounces in 2024. This substantial production volume, coupled with a robust mineral resource base, has established NMMC as one of the lowest-cost producers in the industry.
These attributes, combined with ongoing corporate governance improvements and financial strategy, will serve to support NMMC's capacity to maintain strong performance and drive further expansion in international markets.
Navoi Mining and Metallurgical Company 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 with over 100 Moz resource base. NMMC’s business model includes exploration, mine construction, operating mines and processing facilities, and gold refining, as well as mining equipment manufacturing and repair.