Uranium is a key source of energy in nuclear power generation, which accounts for about 20% of global electricity production. It is also used in medicine, scientific research and development, various industrial sectors, and other crucial areas of the economy. There are not many countries in the world that possess reserves of this vital strategic raw material. One of them is Uzbekistan, which became a full-fledged participant in the uranium market back in the 20th century and today ranks fifth in the world in uranium production.
The history of uranium industry development began in 1930 with the discovery of mineral resources, including uranium-bearing ores, in the sands of the Kyzylkum Desert. These rich uranium reserves triggered the industrialization of the entire region starting in 1958. That same year, the city of Navoi was established. Later, in 1982, the Navoi region was officially formed – the youngest region in Uzbekistan. On these newly developed lands, industrial and economic zones were gradually created, and vast, lifeless desert areas were transformed into blooming oases with cities, workers’ settlements, and well-developed road and transport infrastructure. This allowed the local population and specialists to secure employment and modern housing.
In 1958, to mine and process uranium ores from the largest deposit in the Uchkuduk area, the Navoi Mining and Metallurgical Combine (NMMC) was established. From that year, industrial development of the Uchkuduk deposit began. The once obscure village of Uchkuduk turned into an industrial city known worldwide. Notably, Uchkuduk became famous not only for its uranium deposit but also for the popular song “Uchkuduk” performed by the renowned Uzbek vocal-instrumental group “Yalla”.
Over the years, uranium production volumes and the capacities of uranium product manufacturing rapidly increased through the construction and commissioning of mining departments, auxiliary facilities, workshops, and plants. Among them, a special role belongs to the State Enterprise “Navoiuran.”
The enterprise “Navoiuran,” which separated from the NMMC and became an independent entity in 2022, is the only enterprise in Uzbekistan that carries out a full production cycle – from uranium ore mining and deep processing to the production of ready uranium products. It is of strategic importance to Uzbekistan’s economy. The company also occupies a unique position in areas such as uranium exploration, development of new deposits, increasing uranium production volumes, and implementing modern technologies.
It is worth noting that thanks to ongoing research and geological exploration conducted by “Navoiuran” across various regions of the country, new promising uranium-bearing areas have been discovered in addition to existing well-known deposits. These are located in Bukhara, Jizzakh, Navoi, Kashkadarya, Tashkent, and Namangan regions, opening new development opportunities for both the enterprise and the uranium industry overall. However, efficient and full-scale drilling, ore extraction, processing, and production of uranium products require costly technical solutions and equipment. Without increasing the output of modern, competitive, and import-substituting products, it is impossible to build long-term plans for expanding the enterprise’s capacity.
Therefore, from its early days, “Navoiuran” developed and implemented a Localization Program. The necessary equipment and technology requirements were analyzed, and financial projections demonstrated the clear profitability and high return on investment for launching domestic production of drilling equipment, compressor units, and spare parts. Establishing production of these essential products at “Navoiuran,” as well as partial procurement from local manufacturers through cooperation, became a crucial factor in reducing production costs and strengthening foreign currency reserves.
At the enterprise’s mechanical repair facility, systematic work is underway to increase localization levels of final products, components, and materials. Step-by-step implementation of localization projects will allow the production of about 50 types of necessary parts and components for drilling equipment, eliminating the need for their costly import. This effort is ongoing. Expanding localization remains one of the key factors in achieving the enterprise’s high performance. New projects in this area lay the foundation for job creation, mastering new types of products, and gradually increasing economic profits.
“Navoiuran” products, known on the global market as “Uzbek uranium,” are in high demand, as evidenced by growing export figures – with 100% of production exported to major nuclear energy-consuming countries. These include Orano Mining (France), Itochu Corporation and Marubeni Corporation (Japan), Cameco (Canada), KHNP (South Korea), and the Department of Atomic Energy (India). Strong partnerships and practical cooperation are also maintained with major companies from leading uranium-producing countries such as the USA, France, Canada, Japan, South Korea, India, and China in various areas of activity.
A major milestone for the enterprise was the Presidential Decree of July 2022 “On measures to increase uranium mining and processing volumes and transform the State Enterprise ‘Navoiuran’ in 2022–2030.” The decree sets clear targets for sustainable development of uranium resource bases, increasing mining and processing volumes, transforming the enterprise and industry to attract investments and modern technologies, and creating a vertically integrated enterprise with a full production-technological cycle on cluster development principles.
To achieve these goals, “Navoiuran” is actively strengthening and expanding international cooperation, developing new partnerships, and implementing effective investment and technology attraction measures. These efforts aim to grow geological resources, expand production capacities, and meet the President’s strategic goals – particularly, tripling production volumes and completing enterprise transformation within the set timeframe.
Thanks to both foreign and domestic investments, practical work is continuously underway to implement efficient production technologies, including energy- and resource-saving methods, a modern corporate governance system, and optimal use of material, financial, and labor resources. Social protection for workers and employee training systems are also being enhanced. The enterprise applies best global practices and is implementing a unified digital system covering all processes from exploration to production of value-added products.
With full support from the government and the President, favorable conditions are being created to attract leading international companies, experienced specialists, and investments into uranium exploration and joint deposit development. “Navoiuran” signed a Memorandum of Cooperation with China National Nuclear Corporation and Orano Mining (France), resulting in the creation of the Uzbek-French joint venture “Nurlikum Mining.” In November 2022, a trilateral agreement on strategic cooperation was signed between Uzbekistan’s Ministry of Mining and Geology, “Navoiuran,” and the French company to expand uranium mining and processing collaboration.
Further agreements were reached on building a pilot industrial plant at the “Zhingeldy” deposit, conducting geological studies of new sites, and forming a technical task force to increase uranium mining and processing, including investments of up to €500 million for yellowcake production. As part of cooperation with China, exploration, technological, and drilling work is underway in the Kyzylkum region, and promising areas with black shale uranium deposits and other vital assets are being developed in collaboration with investors.
Special attention is given to professional development. A joint scientific-innovation center was created with interested partners to improve staff qualifications and develop innovative geological and technological research methods.
Key factors in boosting investment attractiveness include international ratings, automation, digital systems, global standards, transparent financial reporting, and “green” development paths. In these areas, 2024 was particularly successful for the enterprise, raising its investment policy to a new level. Among the key achievements:
● First, international experts under Australia’s JORC Code reassessed 17 deposits, confirming about 70,000 tons of uranium reserves. This significantly increased investor interest due to long-term mining and processing prospects, enabling the enterprise to fulfill production plans set by the President.
● Second, an ESG system covering environment, social policy, and corporate governance was implemented, and five ISO standards were obtained. In May 2024, the enterprise published its first “Sustainability Report for 2022” under the GRI standards, titled “Clean Energy for the World.” Afterward, it received its first ESG rating in August. This rating helps reduce interest rates on international loans.
● Third, the enterprise transitioned its financial reporting to international standards and received a positive audit opinion from Deloitte under IFRS. After receiving Deloitte’s conclusion in September 2024, “Navoiuran” was rated for the first time by Fitch Ratings. This rating enables the enterprise to attract international loans and direct investments without state guarantees or asset pledges.
These positive assessments and international recognition significantly strengthen “Navoiuran’s” position in the global uranium market and open up new prospects for continued innovative and investment-driven growth. One of the most important steps in this direction was “Navoiuran’s” historic debut on the international financial market with $300 million in eurobonds – the first ever for Uzbekistan’s uranium sector.
This milestone was preceded by significant preparatory work involving international specialists and investors:
● On the President’s and Prime Minister’s instructions, international financial and legal advisors were engaged. A list of promising projects and an investor presentation were prepared. Roadshows were held in Abu Dhabi and Dubai (UAE), as well as New York and Boston (USA), involving qualified foreign investors.
● Based on recommendations from underwriters and advisors, high-level representatives of the issuer participated in these roadshows to boost investor trust. Negotiations were held with companies like Abu Dhabi Investments Authority, First Abu Dhabi Bank, BREVAN HOWARD, Mashreq Capital, ENBD AM, BHM Capital, Q Market Maker, Market Securities, Emirates Investment Bank, UAB, Boston MFS, and FMR.
According to the banking underwriter consortium including Citi, ADCB, and Natixis, these meetings generated strong investor interest in the bond issuance. The successful placement of “Navoiuran’s” eurobonds on the international capital market confirms investor confidence in the reforms underway in Uzbekistan’s uranium industry and marks a new international growth stage.
The proceeds from the placement of Eurobonds will be allocated to projects aimed at increasing the Company’s production capacity, expanding its transport and technological fleet, increasing uranium reserves, as well as implementing joint projects with international partners.
Investment attraction efforts are ongoing. For the first time, Navoiuran has attracted interest from Mongolian investors. A dialogue has been established with Mongolian partners on the implementation of joint projects, which resulted in the signing of several agreements and contracts following a visit to Mongolia by representatives of Navoiuran and Uzbek Overseas Geology Company LLC from June 21 to 27 of this year.
As a result of these agreements, a joint «Roadmap» is being developed with the company Mon-Atom for the implementation of uranium projects. In addition, large-scale work has begun on opening a representative office of the enterprise in Ulaanbaatar.
Given global experts’ forecasts on the limited availability of mineral resources to power the world economy and the need for sustainable use, major energy sector players are increasingly interested in renewable “green” energy and expanding nuclear industry potential. This means growing global demand for uranium products. This new development trend stimulates exploration, activation of existing and new deposits, construction of new facilities, and expansion of production capacities for uranium mining and processing.
These factors give strong confidence in a stable and sustainable future for “Navoiuran,” and the financial resources invested in its development are expected to yield significant returns in the near future.
Behind all these achievements, of course, lies the tremendous contribution of the dedicated workforce of Navoiuran, which today comprises more than 9,750 committed professionals. Their efforts and capabilities are focused on meeting uranium production targets, as well as ensuring production and economic efficiency.
Djamal FAYZULLAEV, General Director “Navoiyuran” SE
18/08/2025 
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