TASHKENT, Uzbekistan, February 6. Uzbekistan's Navoi Mining and Metallurgical Company (NMMC), the world’s fourth largest gold producer, today announced the receipt of its debut Environmental, Social, and Governance (ESG) entity rating from Sustainable Fitch, the NMMC told Trend.
The company has been assigned a rating of “3” (on a scale from 1 to 5, where 1 represents low risk and 5 represents high risk), with an overall entity score of 51 out of 100.
The rating was assigned following a comprehensive assessment of NMMC’s sustainability strategy and initiatives, corporate governance practices, environmental performance, and corporate social responsibility programs.
NMMC’s environmental and social performance components received a favorable rating of “3” reflecting the absence of material environmental incidents, robust internal policies on emissions and water management, and a low gender pay gap. The company’s corporate governance was rated at “2”, recognizing strengths such as adherence to international financial reporting standards, systematic internal audits, and a structured risk management approach.
NMMC’s overall ESG rating of “3” is in line with global mining industry peers, acknowledging the specifics of the sector - inherent environmental impact, high energy and water consumption, greenhouse gas emissions, and industrial waste generation. Notably, NMMC is the first company in Uzbekistan’s mining sector to receive a public ESG rating, underscoring its industry leadership and commitment to transparency and adherence to international sustainability principles.
“Sustainability is a fundamental pillar of our business strategy and is essential for achieving our corporate objectives, strengthening investor confidence, and ensuring long-term growth. The implementation of ESG principles is one of the key objectives of the large-scale transformation program currently underway at NMMC. The presidential declaration of 2025 as the Year of Environmental Protection and the Green Economy in Uzbekistan reinforces our commitment to a responsible and systematic approach to advancing NMMC’s sustainability goals in accordance with the national strategy “Uzbekistan-2030,” said Eugene Antonov, First Deputy CEO and Head of Transformation at NMMC.
“The ESG rating assigned to NMMC validates our ongoing efforts to integrate sustainability principles into our operations. At the same time, it sets out a benchmark for further enhancing our environmental, social, and governance performance in line with global best practices,” added Boris Samoylenko, Head of ESG at NMMC.
NMMC is the world’s fourth-largest gold producer, with an annual output of 3.1 million ounces of gold (2024) 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. 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. The company employs over 47,000 people across 12 major mining sites and 9 processing facilities.
