Navoi Mining & Metallurgical Company (NMMC), one of the world’s largest gold producers, has successfully completed a $500 million Eurobond placement on the London Stock Exchange. The Uzbekistan-based state-owned enterprise says the deal will reduce financing costs and support its long-term development goals.
The five-year corporate bond, issued at a 6.75% annual coupon rate, attracted strong investor interest, with demand exceeding $2.3 billion—over 4.6 times the offering size. The transaction was conducted under both Regulation S and Rule 144A of the U.S. Securities Act, allowing broad international investor participation.
NMMC’s operations are anchored by the massive Muruntau gold deposit in the Kyzylkum Desert—one of the largest open-pit gold mines globally—and the company holds an estimated 150 million ounces of gold resources in the region. It currently ranks as the world’s fourth-largest gold producer.
The successful bond issuance, managed by Citi, JP Morgan, Société Générale, and MUFG as joint bookrunners and lead managers, reflects growing investor confidence in Uzbekistan’s economic reforms and in NMMC’s operational strength.
In a company statement, NMMC said the proceeds will be used to restructure and diversify its existing debt portfolio on more favorable terms, strengthening its financial position as it prepares for further growth.
The bond issuance also lays the groundwork for a planned initial public offering (IPO) later this year. As part of a broader privatization drive, the Uzbek government intends to sell up to 5% of its stake in NMMC through the IPO.