Uzbekistan strengthens its position in the mining industry: investment, sustainable development and international cooperation

During the fourth day of the Tashkent International Investment Forum 2025, participants focused on the potential of Uzbekistan in the mining sector, sustainable development issues and the country's attractiveness to international investors. The panel session brought together leading representatives of government agencies, private businesses and international financial institutions.

First Deputy Minister of Mining and Geology Omonullo Nasritdinkhodjaev stressed that Uzbekistan has a mature mining culture that has been proven for decades. He noted that the country has well-managed assets of international level, provided with qualified human resources and institutional expertise. According to Nasritdinkhodzhayev, the state's strategy is focused on turning Uzbekistan into a hub for the mining industry in Central Asia.

Evgeny Antonov, First Deputy General Director of Navoi Mining and Metallurgical Combine, presented the results of the company's work. According to him, in 2024, NMMC produced 3.1 million ounces of gold — an increase of 30% compared to the seven-year period. The total resource potential of the plant is about 150 million ounces, which ensures more than 50 years of production sustainability. The company's annual revenue reached $7.4 billion, and EBITDA exceeded 60%. Antonov noted that NMMC is one of the most efficient and low-cost gold producers in the world, providing up to 6.5% of national GDP. Special attention was paid to the environment: by the end of 2025, more than 20% of all energy consumed will come from renewable sources.

Benoit Lemonne, CEO of Nurlikum Mining, presented the progress of the joint uranium mining project with Navoiuran and the French company Orano. Since its foundation in 2019, the company has conducted over 200 thousand meters of exploration drilling, and the South Zhelken field is at the final stage of preparation for the start of production. According to Lemon, the journey from starting a company to making an investment decision will take less than six years — one of the best indicators in the industry.

Hakob Ghahramanyan, Representative of the European Bank for Reconstruction and Development, spoke about key steps to increase the transparency of the sector. The EBRD supported the development of a new Subsoil Code that aims to streamline regulation and attract more long-term capital. In the next 6-12 months, it is planned to fully implement the legislation in active coordination with the relevant ministry.

Ross Alistair, Managing Director of the British bank Peel Hunt, assessed the investment prospects of Uzbekistan. He pointed out that the country remains an undervalued, but promising direction. In his opinion, competent positioning and demonstration of a sustainable approach to the development of the sector can attract significant amounts of international investment.

An important emphasis was also placed on the development of social and environmental responsibility. Mustafa Fahour (Plenary) recalled the importance of investing in education and health infrastructure. Emre Kaysoglu (Esan Eczacibasi) confirmed the interest of Turkish business in cooperation in the extraction and processing of strategically important resources.

The event demonstrated a high level of international interest in the resource sector of Uzbekistan. A well-developed regulatory framework, implementation of ESG principles, active public and private players, as well as significant volumes of projects already initiated form a stable basis for the growth of strategic partnerships in the mining industry.