Uzbekistan’s Gold Production Soars, Boosting Economy

Uzbekistan’s Gold Production Soars, Boosting Economy

Uzbekistan’s Navoi Mining and Metallurgical Company (NMMC) has marked a significant increase in gold production, surging 2.5 times since 2016, while ore processing capacity has risen by 1.6 times. This growth in production and processing capabilities has led to a 25 percent increase in gold output and a notable 47 percent rise in silver production.

In the last year, the combined value of products manufactured by NMMC reached 67.5 trillion soums ($5.3 billion), a 3.8 percent increase from the previous year. This growth has notably contributed to the Uzbekistan economy, with NMMC’s total payments rising by over 20 percent to 38.6 trillion soums ($3 billion), accounting for 14 percent of the state budget’s revenue.

NMMC’s impact on the country’s GDP is substantial, representing 6.3 percent of Uzbekistan’s GDP and exceeding 10 percent of its industrial production volume. In line with its 2023 investment program, NMMC has allocated capital investments amounting to $473.5 million. A significant development under this program is the inauguration of Hydrometallurgical Plant No. 6 at the Pistali deposit in the Nurata district, designed to process 4 million tons of gold-bearing ore annually.

The company’s focus on localizing production has also paid off, with localized products valued at 629.5 billion soums ($49.8 million) and purchases worth 5.5 trillion soums ($435.4 million) made from local enterprises under inter-sectoral industrial cooperation.

Furthermore, Uzbekistan’s recent gold exports, as reported by the country’s Statistics Agency, nearly reached $1.3 billion in February alone, underscoring the nation’s growing role in the global gold market and its efforts towards economic diversification and growth. icon

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