Navoi Mining and Metallurgical Company (NMMC), one of the largest gold producers in the world, recently sparked a frenzy in global capital markets with the successful issuance of its debut Eurobonds, totalling €1bn. This issuance marked a significant milestone for both the company and Uzbekistan, underscoring NMMC’s emergence as a global player and symbolising the country's ongoing transformation while opening new pathways for international investment. 

As part of a broader economic reform initiative, NMMC is rapidly evolving into an international player, shaping the future of the gold mining industry. Eugene Antonov, NMMC’s first deputy CEO for transformation, discusses the company’s journey, its impact on Uzbekistan’s economy and what lies ahead.

Eugene Antonov, NMMC’s first deputy CEO for transformation. Source: NMMC. 

bne IntelliNews: NMMC recently issued its debut Eurobonds, which made a notable impact in the global capital markets. Why was this such a significant step for the company?

Eugene Antonov: The issuance of our debut Eurobonds was indeed a pivotal moment for NMMC. This was our first time accessing global capital markets, and it signifies a major step forward in our transformation into an internationally-recognised player. The successful Eurobonds not only diversify our funding sources but also signal our commitment to transparency and competitiveness on a global level.

We partnered with top institutions such as Citi, J.P. Morgan and Societe Generale to raise $1bn through a dual-tranche notes offering — $500mn in four-year notes at 6.70% and $500mn in seven-year notes at 6.95%. This transaction provides the financial foundation for our ongoing transformation, allowing us to invest in expansion, improve efficiency and deliver sustainable growth. It also reinforces NMMC’s position among the world’s top gold producers, showcasing our readiness for long-term partnerships with the international investment community.

bne: You mentioned a significant transformation. Can you elaborate on what this means to you and the company?

Antonov: Absolutely. We’re continuing to build on our strong position as a company to become an internationally renowned industry player. This means improving our corporate governance, streamlining our operations and incorporating more sustainable procedures, with a view toward embracing international best practices. It's not only about production growth; it's also about making sure NMMC continues to innovate and to grow responsibly while maintaining its competitiveness. We're aligning ourselves with worldwide norms, embracing global standards in sustainability and governance and increasing NMMC's transparency. 

bne: Can you explain what is NMMC’s role in the broader economy of Uzbekistan and how does the company fit into the economic reforms happening in Uzbekistan?

Antonov: NMMC has a very rich history, and I can say that NMMC’s journey is rooted in over six decades of innovation. Established in 1958, the discovery of Muruntau gold deposit was transformative, and by 1969, we produced our first gold bar. Since then, we’ve integrated advanced technologies, and today, our '999.9' purity gold bars are globally recognised. This commitment to both heritage and modernisation has positioned NMMC among the top four gold producers in the world. As the largest gold producer in Central Asia and a top-four producer globally, our contributions to the country’s GDP are substantial and comprise around 6.3%. We are also the largest taxpayer in the country and our success fuels more employment, better infrastructure and support for the broader economic reforms now underway in Uzbekistan. Our transformation is deeply intertwined with the nation’s modernisation goals.

Navoi is also playing a key role as Uzbekistan opens up to the world. We are at the forefront of the gold industry, and our modernisation aligns with Uzbekistan’s ambition to lead regional economic growth. In 2023, Uzbekistan produced over 3.5mn ounces of gold, representing 20.3% of total CIS production. By modernising our operations and actively attracting foreign investment, we’re demonstrating that Uzbekistan is open for business and committed to sustainable, long-term growth.

bne: How is NMMC improving efficiency and sustainability in its operations?

Antonov: We have adopted a thorough transformation strategy. This entails modernising our mining procedures, improving technology and putting in place top-notch safety protocols. Prioritising sustainability means reducing waste, improving water management and using renewable energy when possible so as to lessen our impact on the environment. We are dedicated to making sure that, in accordance with international standards, our activities are both efficient and environmentally conscious. 

We have an 83.8% gold recovery rate, and we are implementing new technology to increase our operational effectiveness even more. We have big plans for sustainability, like cutting greenhouse gas emissions and increasing the share of renewable energy sources by 2026. All of these initiatives contribute to our long-term operational success while acting as conscientious environmental stewards.

bne: How does NMMC’s transformation affect its workforce and local communities?

Antonov: Our transformation is about more than just operational enhancements; it’s about creating a positive impact for Uzbekistan and, specifically, for Navoi and the other regions where we operate. As the largest employer in the country, we are dedicated to supporting our employees’ growth and safety. We're also the nation's biggest employer of women, and we take pride in the possibilities we offer. Our modernisation initiatives strengthen local economies by fostering infrastructure improvements and generating jobs.

People are at the heart of our transformation. We invest heavily in training and education, with a firm commitment to achieving zero harm through advanced safety technologies. Our employees are empowered, better prepared for the future, and an integral part of our journey forward.

bne: NMMC has a vast resource base. How do you ensure that these resources are developed responsibly and sustainably?

Antonov: Our mineral resource base is 148mn ounces of gold, which is enough for decades of continuous production if we continue to focus on mining those resources in a responsible manner. We have an integrated business model with in-house capabilities for exploration, mine design and construction, mining, processing and refining, as well as machine building and repair. As such, we’re able to control the value chain and implement our sustainability principles, including adhering to international ESG standards, across the business. 

bne: Tell me about your background. I understand you are from Uzbekistan, but you have had international exposure. How does it feel to have come back to take on this transformation role? 

Antonov: I'm very excited, and I believe in these changes that are happening in the country. I was born and raised in Uzbekistan, but for the last 30 years I've worked for various mining companies around the world. For me, it's a big privilege to come back and serve to create value for the country, and especially, in an industry that I know so well.

That's what's happening in Uzbekistan right now. Lots of people who were originally from here but who managed to gain international exposure are now coming back to help to introduce international best practices and international standards, not only in our industry but in other industries across the country.

bne: Eugene, the last thing I want to ask you: what is the story of Navoi that you want the world to know more about? 

Antonov: Navoi is one of the top four gold producers globally, yet relatively unknown outside of Uzbekistan. We have achieved a lot and have much to be proud of. We are the largest employer and taxpayer in the country, we have one of the lowest cash costs per ounce in the industry, and a robust resource base with over 40 years of mine life remaining. 

When we were in Canada last year for a trade show — PDAC — we were called the largest gold producer you never heard about. That's unfortunately true, and that's something we would like to change. 

The reason why very little was known about the company is because, previously, it was very tightly regulated. Uzbekistan was a closed economy, but lots of things have changed thanks to the new leadership a few years ago. Those changes also affected the company, which is currently owned by the state. 

Our transformation mirrors that of Uzbekistan — opening up, embracing transparency, and adhering to international standards. We recently divested non-core assets like uranium, redefined our focus on gold mining, implemented financial reporting standards and underwent audits by Big 4 firms. We want investors, banks and the global community to know that Navoi is open for business and committed to becoming a global leader in sustainable mining.

We are at this stage today only thanks to the selfless work of thousands of workers, engineers, scientists and managers, that built the modern infrastructure of Navoi, Zarafshan and Uchkuduk in the Kyzylkum desert, and we want the work that has been invested to be seen and heard by the world.