JSC Navoi Mining and Metallurgical Company (NMMC) Receives 'BB-' Long-Term Issuer Default Rating with a 'Stable' Outlook from Fitch Ratings

JSC Navoi Mining and Metallurgical Company (NMMC), the fourth-largest gold producer globally and the largest in Central Asia, has been assigned a Long-Term Issuer Default Rating of 'BB-' with a Stable Outlook by Fitch Ratings. This is in line with Uzbekistan's sovereign credit rating and recent assessments by S&P Global Ratings. Additionally, Fitch rated the company's standalone credit profile at 'bb'.

NMMC's standalone rating reflects its significant scale and expected production of over 3 million ounces in 2024. Fitch highlights the company's low cost-position, long mine life of the Muruntau deposit, high profit margins, and low leverage. Notably, NMMC is ahead of schedule in its $3 billion investment program, projected to boost production capacity by 30% by the end of 2024 compared to 2017.

Structural reforms in Uzbekistan, contributing to macroeconomic stability and high GDP growth, have also played a role in the rating. NMMC's leadership expressed satisfaction with the rating, noting it enhances credibility with partners and investors and opens new opportunities for financial diversification.