As part of the rating process, S&P Global Ratings simultaneously assessed the company's stand-alone credit profile (SACP) at 'bb+', the highest grade ever assigned to a company from Uzbekistan.

According to a release by S&P Global Ratings, “Uzbekistan-based Navoi Mining and Metallurgical Co. (NMMC) is the world's fourth-largest gold producer with 2.9 million ounces of output in 2023, benefiting from the low cost of production and vast reserves, as well as conservative leverage metrics with funds from operations (FFO) to debt consistently above 60%”.

At the end of 2023, the total cash cost (TCC) of NMMC amounted to $745 per ounce of gold, one of the lowest among companies S&P Global Ratings has evaluated.

S&P Global Ratings expects that with favorable gold prices, NMMC will demonstrate high operational and financial performance in the years to come.

Commenting on the S&P report, Eugeny Antonov, First Deputy CEO for Transformation, said: “Securing the company's first international credit rating marks an important milestone in the development of one of the largest enterprises in Uzbekistan. It broadens access to international capital markets, enhances the company's global reputation, and validates the successful implementation of reforms and the ongoing transformation within our country and the company itself. The assignment of an S&P Global Ratings stand-alone credit profile (SACP) assessment at the level of ‘bb+’ is a historic event for enterprises in Uzbekistan. It confirms the company's stable financial strategy and the high level of confidence that international financial market participants have in the company's plans for future development.”

NMMC is one of Uzbekistan’s largest employers, contributing 6.3% of the country’s GDP. Uzbekistan is the fastest-growing economy in the region with a GDP growth of 5.5%. The country is currently implementing a comprehensive structural reform program to drive economic diversification and liberalization.

In line with the country’s reform program, the company is currently undergoing a comprehensive transformation to align with international best practices across all operations.