13th Aug 2025 12:43
(Alliance News) - Navoi Mining & Metallurgical Co, one of the world's largest gold producers, has picked banks to lead a potential initial public offering in London and Tashkent, Uzbekistan, Bloomberg reported on Monday.
The Uzbekistan state-backed miner is seeking a valuation of around USD20 billion including debt, Bloomberg sources said, citing a nearly 30% surge in the price of gold this year and trading multiples of other gold miners.
Bloomberg said NMMC is working with US investment banks Citigroup Inc, Morgan Stanley and JPMorgan Chase & Co to arrange a possible offering.
Both Citi and JPMorgan have previously helped the company issue debt on the London Stock Exchange, the report noted.
In March, Bloomberg said NMMC was working with Rothschild & Co as an IPO adviser on the possible listing.
On its website, NMMC describes itself as among the top four gold producers in the world, with 140 million ounces of mineral resources.
In 2024, it generated revenue of USD7.4 billion and produced 3.1 million ounces of gold at a production costs of USD979 per ounce.
The company says it has 12 key deposits, 7 hydrometallurgical plants, and 2 heap leaches across the Navoi, Samarkand, and Jizzakh regions of Uzbekistan.
Its Muruntau mine is the world's largest open-pit gold mine with a confirmed resource base of 101 million ounces of gold, NMMC states.
The company was established in 1958 with the first "blasting" at the Muruntau mine taking place in 1967.
By Jeremy Cutler, Alliance News reporter
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