Uzbekistan's Almalyk MMC may issue $1 bln in Eurobonds in 2025, Navoi MMC $500 mln - authorities
TASHKENT. Jan 16 (Interfax) - Uzbekistan's leading mining and metallurgical enterprises may issue a total of $2.1 billion in Eurobonds in 2025.
"This year, AMMC (Almalyk Mining and Metallurgical Combine) should issue $1 billion in Eurobonds, NMMC (Navoi Mining and Metallurgical Combine) [will issue] $500 million, while Navoiuran and Uzmetkombinat [will issue] $300 million each," presidential press secretary Sherzod Asadov said on social media following a meeting chaired by President Shavkat Mirziyoyev, where the issue was discussed.
It was noted at the meeting that the country's leading enterprises have begun entering foreign markets and directly attracting capital, Asadov said.
It was previously reported that NMMC placed its debut international bonds worth a total of $1 billion in October 2024. The two $500 million tranches were issued for four and seven years with yields of 6.7% and 6.95% per annum, respectively. The combined order book for both tranches amounted to $5.5 billion. NMMC said that the proceeds from the placement would be used for general corporate purposes, including for financing capital expenditure, refinancing debt on more favorable terms and with longer maturities, and replenishing working capital.
Navoi Mining and Metallurgical Combine is the largest gold producer in Central Asia and the fourth largest gold producer in the world. The holding consists of 12 main mining enterprises, seven hydrometallurgical plants and two heap leaching complexes. The Uzbek Economy and Finance Ministry is the company's sole shareholder.
Almalyk Mining and Metallurgical Combine is the only copper producer in Uzbekistan and one of the largest non-ferrous metal producers in Central Asia. AMMC produces refined copper (cathodes), metallic zinc, lead concentrate, molybdenum and other products. It exports around 20 types of products. It accounts for around 90% of the country's silver production and 20% of gold production, as well as 7% of industrial output and 15% of total exports. It includes two mining enterprises, two beneficiation plants and two metallurgical plants with their own infrastructure.
The Navoiuran state-owned enterprise was established in January 2022 following the transformation of NMMC to focus on uranium mining in Uzbekistan's Kyzyl-Kum region and exporting uranium oxide concentrate.
Uzmetkombinat is Uzbekistan's sole and oldest enterprise for the production of rolled steel and grinding balls. Its raw material base consists of scrap and waste from ferrous metals.