Uzbekistan’s state-owned mining company Navoi is currently preparing its gold business for the privatization. The company reported that the company’s net profit from gold operations in 2020 of $716.6 million was 209% higher compared to 2019 ($231.6 million). The company’s revenue from gold sales amounted to $4,558 million in 2020.
According to the publicly released documents, Navoi produced approximately 2.6 million ounces of gold in 2020, which makes Navoi the fifth largest gold mining company globally. Moreover, with all-in sustaining costs of $803.7/oz of gold reported for 2020, the company is also one of the lowest cost gold producers worldwide. Navoi owns Muruntau, the world’s largest gold mine by production and estimated reserves.
In a statement, Navoi pointed out that the implementation of its 52 investment projects worth more than $628 million is continuing at a rapid pace. Going forward, the realization of these projects will enable Navoi to create more than 30,000 jobs and boost gold production by 30%, the company noted.
Navoi said that the company’s reorganization and the creation of a joint-stock company was initiated as of March 6, 2020. The company added that it is currently continuing its efforts to attract financing, including from foreign banks, to help realize the company’s ambitious investment projects. Navoi is planning to place a debut Eurobond in 2021.
The company added that measures it has been implementing are laying the necessary foundation to prepare Navoi for an initial and secondary public offering on national and international stock exchanges. The IPO is scheduled for 2023.