The key facts

  • NGMK's IPO has not been halted, but deadlines were postponed: placing up to 5% of shares was planned for Q3 2025, then 10–15% in the second half of 2025 — by October 2026 the placement had not taken place.
  • Navoiyazot is undergoing financial rehabilitation: non-core assets are being removed from the balance sheet, and a chemical cluster is planned around the enterprise.
  • In 2025 NGMK mined 3.15 million ounces of gold, revenue grew 46.4% to $10.83 billion; in the first half of 2026 revenue grew another 49.9% to $7.07 billion.

NGMK's IPO preparation continues

Preparation of the Navoiy Mining and Metallurgical Combine for an international share placement has not been halted, despite the postponement of previously set deadlines. This was stated on 8 October at a press conference by the director of the State Assets Management Agency, Sohibjon Murodov. He was asked why the IPO has been delayed for several years despite the record growth in world gold prices. According to him, bringing the company to the stock exchange may take several years: the management system is currently being transitioned to international standards, and reporting to IFRS. He recalled that the former state enterprise was split into three organizations as of 1 January 2022: JSC 'Navoiy Mining and Metallurgical Combine', the state enterprise 'Navoiuran' and the state institution 'NGMK Fund'. 'To go to an IPO, a certain track record is needed. That is, the company must have a history with positive, publicly disclosed indicators,' Murodov explained.

Impact of gold prices and postponed deadlines

Murodov noted that fluctuations in gold prices affect the enterprise's financial and economic activities and may to a certain extent influence the business valuation at IPO, however the placement price is determined by quotations on the international stock market, so a rise or fall in prices does not lead to a halt or postponement of the plans. He did not name a new expected placement date. According to a presidential decree of 19 April 2024, it was planned to announce an IPO of up to 5% of NGMK shares in the third quarter of 2025. A decree of 21 April 2025 increased the share to 10–15% and moved the trading to the second half of 2025. By October 2026, the IPO had still not taken place.

NGMK's financial indicators

NGMK is among the four largest gold mining companies in the world. According to the enterprise, in 2025 gold production amounted to 3.15 million troy ounces (+1.9%), revenue grew by 46.4% to $10.83 billion, and adjusted EBITDA reached $6.95 billion. In the first half of 2026, revenue increased by another 49.9% to $7.07 billion; the main factor was the growth in world gold prices, while physical production volume decreased by 1.8% to 1.51 million ounces. On 15 October, a week after the State Assets Management Agency's press conference, NGMK's management held a meeting with investors dedicated to financial results and corporate transformation.

Navoiyazot: rehabilitation first, sale later

Separately, Murodov commented on the preparation for the privatization of Navoiyazot and thermal power plants. According to him, pre-privatization measures have already begun, but the actual sale has not yet taken place. He called Navoiyazot one of the large strategically important assets of the chemical industry and stated that, given its location and infrastructure, a large chemical cluster will be created around the enterprise. Now, he said, financial rehabilitation has begun: the balance sheet is being cleared of several non-core assets, and after the enterprise becomes a 'clean asset' the next stage will be considered. He did not specify which facilities are planned to be removed from the balance sheet, their value or the sale deadlines. On 6 April, President Shavkat Mirziyoyev reviewed the progress of preparations for the privatization of UzAuto Motors, Navoiyazot and thermal power plants.

Chemical cluster and Navoiyazot's indicators

The creation of a chemical cluster in the Navoiy region is provided for by previously adopted decisions: a decree of 10 October 2022 provides for the formation of the 'Navoiy Chemical Technopark' and the transfer of certain buildings, structures and land plots of Navoiyazot to the company 'Uzkimyosanoat' for organizing a technological cluster. Navoiyazot is one of the largest producers of mineral fertilizers and chemical products in Uzbekistan, producing ammonia, carbamide, ammonium nitrate, polyvinyl chloride and other products. According to the company, in 2025 the production volume amounted to 7.3 trillion soums, and the export plan was fulfilled at 104%.