Navoi’s Q1 gold output rises slightly, but production value doubles

Navoi Mining & Metallurgical Company (NMMC), the world’s fourth-largest gold producer, saw a slight increase in production during the first quarter of 2025, with output of 753,500 oz. versus 748,100 oz. the previous year.However, the Uzbek miner’s Q1 production value doubled to about $2.1 billion, owing to the rise in gold prices over the 12-month period.In addition, NMMC yielded cost savings of $61 million following its production optimization efforts at the Muruntau mine, home to what the company considers to be the world’s largest open-pit gold deposit.During the quarter, the company spent a total of $118.4 million on its capital investment program, which includes initiatives to expand several processing plants to boost production across its mines and development work to tap into other deposits such as the Zarmitan underground deposit.Meanwhile, Navoi is continuing its geological exploration work to develop its vast gold resource base, which is currently estimated at 150 million oz.While currently state-owned, NMMC could become a publicly listed company as soon as this year, according to private equity firm La Mancha Resource Capital.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com