Navoi Mining & Metallurgical, Uzbekistan’s state gold producer, and Citi, Morgan Stanley and JPMorgan, global investment banks, have been mandated to lead a potential offering that would list global depositary receipts in London alongside a domestic float in Tashkent, according to people familiar with the process. The company is targeting about $20 billion including debt, supported by a year-to-date gold price surge and stronger peer multiples, though no final decision has been made.
Deal structure and timeline
People close to the situation say Navoi is preparing a dual-track listing to meet an April presidential decree that requires domestic listings for major state companies alongside any overseas sale. The sell-down envisaged by the decree is 10%–15% of the government’s stake; Rothschild is advising, and the company has also sounded out a London-listed GDR route to broaden investor access. A prior $500 million Eurobond in May established a reference curve and introduced the name to international funds. Plans could still change pending market conditions and government sign-off.
Valuation anchors: cash generation and scale
Navoi reported 2024 revenue of $7.4 billion and around $4 billion in operating profit, alongside production of roughly 3.1 million ounces, according to its IFRS disclosure. The business spans 12 deposits and multiple hydrometallurgical plants across Navoi, Samarkand and Jizzakh, with Muruntau—widely cited as the world’s largest open-pit gold mine—providing the core ore feed. The combination of higher bullion prices and a deep reserve base underpins the targeted valuation, though international investors will weigh governance, resource classification standards and free float.
Market context and pricing
Gold set fresh records above $3,500/oz this year and was trading near $3,350/oz on Aug. 13 as rate-cut expectations and central-bank buying support the metal. A buoyant bullion backdrop helps the equity story, but London has been a challenging venue: IPO fundraising in H1 2025 fell to a three-decade low, implying Navoi would be an outsized test of investor appetite for large, emerging-market resources floats.
Regulatory and privatization framework
The April decree kick-started a multi-year privatisation programme that lists Navoi among the flagship sales and stipulates a domestic listing alongside any international offer. Officials also flagged an IPO of 25% of the $1.7 billion Uzbekistan National Investment Fund (UzNIF); sequencing between UzNIF and Navoi is still being debated. For London, a successful Navoi deal would be a rare large-cap resources listing after a lean first half.
Company Background and Market Context
Navoi describes itself as one of the world’s top four gold producers. Muruntau, in the Kyzylkum desert, is a super-scale operation that industry sources rank among the highest-output mines globally; past disclosures and independent profiles put its resource base well above 100 million ounces and annual production around 2 million ounces. The firm has been investing in conveyors, processing and pit development to lift throughput and reduce unit costs, while its Eurobond debut broadened funding sources beyond local banks.
Gold remains a monetary hedge and a key jewellery and electronics input. Prices are near record territory as central-bank purchases and macro hedging offset cyclical headwinds; sustained strength supports producers’ cash flows, but equity market reception will hinge on disclosure quality, free float and index inclusion rather than bullion alone.
