Reforms in the Mining and Metallurgical Industry will Help Navoi Mining and Metallurgical Combine to Achieve a New Level of Development

 

     In the Republic of Uzbekistan, over the past six years of realization of wide-sweeping reforms, the transformation process has become particularly relevant, the main goal of which is to create a favorable investment climate in the country, implement systemic reforms to protect the rights and legitimate interests of private property owners, promptly introduce consumer-oriented modern management methods, increase income, reduce state participation in the economy, and further improving the competitive environment.
     In Uzbekistan, the transformation process affected, first of all, strategic industrial enterprises, one of them is the Navoi Mining and Smelting Works, being the leading enterprise not only of the domestic mining and metallurgical industry, but also of the entire economy of the country, became one of the main participants in these reforms.

 

 

     Today, JSC NMSW occupies a leading place among the TOP 10 global gold mining companies. In the ranking of world gold mining companies, the combine ranks of gold reserves are in the 2nd in terms, and 4th in terms of mining gold. The price of Navoi gold is the lowest among the world’s largest companies: in the first half of 2022, the cost of gold produced by the combine amounted to $ 906 per troy ounce.
     The strategy development of NMSW is based on the implementation of major investment projects related to the construction of new facilities for the extraction and processing of auriferous ores, with the expansion, reconstruction and technical re-equipment of existing mining and hydrometallurgical complexes, which allows to grow at a steady pace of production.
     First of all, the Program adopted for 2017-2026 to increase the production of precious metals, which provides for an increase in the volume of marketable products and an increase in the production of precious metals by 30 percent, contributes to ensuring stable growth in production. As a result of its successful implementation in 2017-2022 the volume of gold production increased by 21%, silver – by 46%, the volume of production at the end of 2022 amounted to 56.6 trillion Uzbek Soums, which is equivalent to 5.1 billion dollars. The share of the plant in the structure of the country’s GDP is 6.4 percent.
     JSC «NMSW» heads the list of the largest taxpayers in the country. Taxes and mandatory payments paid by the combine account for over 20% of all state budget revenues. So, in 2022 alone, the combine transferred 33.4 trillion Uzbek Soums to the state treasury.
     Altogether, having a large package of unique technologies, having a gold fund of highly qualified professional personnel, NMSW has become an innovative cluster where a large economic region has formed. Nevertheless, NMSW does not stand still and is aimed at an even more dynamic growth of its economic indicators in accordance with the new requirements of the time and international norms of market mechanisms of activity, and in order to accomplish this task, it is necessary, first of all, to transform NMSW into a joint-stock company, thereby providing conditions for attracting foreign investment in order to implement investment projects.

 

 

The transformation process of the Navoi MSW was initiated in accordance with the Decree of the President of the Republic of Uzbekistan dated January 17, 2019. «On measures to further improve the activities of mining and metallurgical industry enterprises» and the Cabinet of Ministers of the Republic of Uzbekistan dated January 9, 2019. «On measures to improve the efficiency of the State Enterprise «Navoi Mining and Smelting Works».
Taking into consideration the role and importance of the Navoi Mining and Smelting Works in the economy of the republic, a number of measures have been implemented aimed at further development of its activities, the introduction of a modern corporate governance system, increasing competitiveness and attracting foreign direct investment to the industry.

 

 

 

 

 

 

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