The cost of Navoi MMC is approximately 8 times less than foreign enterprises of this level

At the present time, the book value of the Navoi Mining and Metallurgical Combine (NMMC) is estimated at $ 1.3 billion, while the market price of foreign enterprises at this level is $ 11 billion.

This became known as a result of the meeting on reforming the NMMC, which was held by the head of state. In this regard, it is planned to transform the plant into a modern company. The state is taking comprehensive measures in this direction. In particular, the Development Program of the Navoi Mining and Metallurgical Combine until 2026 is being consistently implemented. Within its framework, in the period 2017-2019, 8 facilities worth $ 1.2 billion were put into operation. As a result, over the past three years, gold production increased by 2.5 percent, silver - by 37 percent.

In the meeting also were considered plans to turn NMMC into a full-fledged participant in the international financial market, discussed issues of improving the structure of the enterprise, ensuring its corporate transparency, and bringing its calculations in line with international standards.

"The President pointed out the need to bring production at the enterprise to 94 tons by 2026, to implement 40 projects for this amount of $ 4 billion, including the development of a new field with a project value of $ 525 million. There was emphasized the importance of valuation based on international standards and reflecting on the balance sheet of the plant gold reserves in the amount of 3.7 thousand tons,"- said the press service of Mirziyoyev.

The State Committee on Geology and the Ministry of Finance have been given the task of translating stock assessment and financial reporting to international standards. The importance of preparing reports on field reserves and their condition, data on production projects in accordance with the Australian Code (JORC Code) was noted. The issue of NMMC corporate international bonds was also raised.

17-03-2020 11:34