Ministry of Investment, Industry and Trade of the Republic of Uzbekistan

The whole world knows that Uzbekistan is rich in natural resources, including those of vital importance for the development of modern high-tech industries. But this raises important questions. How does the country strike a balance between resource extraction and sustainable development? What can foreign investors expect in return for their commitment? And what kind of approach does Uzbekistan seek from international partners? These issues were explored on the fourth day of the Tashkent International Investment Forum 2025, coordinated by the Ministry of Investment, Industry and Trade.

Among the key speakers who addressed this topic were:

• Omonullo Nasritdinkhodjaev, First Deputy Minister of Mining Industry and Geology of the Republic of Uzbekistan
• Eugene Antonov, First Deputy General Director, Chief Transformation Officer NMMC
• Ross Alister, Managing Director, Peel Hunt
• Benoit Lemonne, General Director, Nurlikum Mining
• Akop Kagramanyan, Principal Banker, Natural Resources, EBRD
• Emre Kayisoglu, Chief Executive Officer, Esan Eczacibasi

Omonullo Nasritdinkhodjaev, First Deputy Minister of Mining Industry and Geology of the Republic of Uzbekistan, emphasized in his speech the rich and long-standing traditions of the mining industry in the country. He noted that the sector continues to develop dynamically, relying not only on strong state enterprises in gold, copper and uranium mining, but also on the emergence of new market participants.

He particularly highlighted Uzbekistan’s key advantages in the mining sector: “I want to say that we are not newcomers to the mining industry. Mining culture has existed here for many years. We have very strong, very mature, well-established, well-managed, internationally recognized assets. Thanks to this, we have a very broad talent pool and deep institutional knowledge in mining, which further helps us become, as we like to say, the mining hub of Central Asia.”

This statement emphasizes Uzbekistan’s ambitions to strengthen its position as a leading mining center in Central Asia, building on years of experience, recognized assets and qualified personnel.

Eugene Antonov, First Deputy General Director, Chief Transformation Officer NMMC, presented key achievements and strategic priorities of the Navoi Mining and Metallurgical Combine (NMMC), emphasizing its significant role in Uzbekistan’s economy.

Antonov reported impressive NMMC results: “For the first time in our history, last year we produced more than 3 million ounces of gold - 3.1 million ounces, to be exact... Over the past seven years, we have increased gold production by 30%. Our resource base is huge. It amounts to almost 150 million ounces, which provides us with more than 50 years of remaining mine life... Last year we recorded record revenue of $7.4 billion. And we are quite profitable because our EBITDA margin also exceeds 60%. We are also proud to be one of the lowest-cost gold producers in the world. We are a fully integrated company. All our operations are currently in Uzbekistan. We are the largest taxpayer, one of the largest employers and our contribution to the country’s GDP is 6.5%.”

He also emphasized NMMC’s commitment to sustainable development principles: “We must care not only about efficient and profitable gold production, but also about sustainable gold production. One of our priorities, of course, is ecology. We are also exploring opportunities to increase the use of renewable energy sources. By the end of this year, total energy consumption from renewable sources will be more than 20% of our total consumption.”

Ross Alister, Managing Director of independent British investment bank Peel Hunt, shared his vision of Uzbekistan’s investment potential and mechanisms for attracting capital to the mining industry.

Alister noted that: “When investors consider investment opportunities, they evaluate the company’s prospects, how it meets sustainability indicators, as well as the country itself. And I think there is an amazing story here that will resonate with investors. I think it is still a bit undervalued. Many of the things we are talking about today are related to opening up to international capital, international investors.”

Ross Alister’s speech emphasized that Uzbekistan represents an attractive, though still undervalued, investment opportunity for international capital, especially in the mining sector, provided proper promotion and development of companies.

Benoit Lemonne, General Director of Nurlikum Mining, spoke about the company’s progress in uranium mining in Uzbekistan. Founded in late 2019 jointly with Navoiyuran and Orano, Nurlikum Mining has conducted more than 200,000 meters of exploration drilling and pilot work. The important South Jelken deposit is almost ready to begin development, with a decision expected in the coming weeks or months, but definitely by the end of this year. Lemonne emphasized the high speed of project implementation: less than six years will pass from the company’s founding to the mining decision, which is an excellent indicator for investments in the mining industry.

Akop Kagramanyan, Principal Banker, Natural Resources, European Bank for Reconstruction and Development (EBRD), spoke about the bank’s role in supporting Uzbekistan’s mining sector. The EBRD provides debt and equity financing, as well as cooperates with governments on improving legislation. He noted that in Uzbekistan this led to the development of a new, modern and transparent Subsoil Code, which is an important step towards increasing the sector’s investment attractiveness. Kagramanyan emphasized continued work with the Ministry of Mining Industry and Geology for full implementation of the law in the next 6-12 months.

The forum highlighted that Uzbekistan’s mining industry demonstrates significant potential for investors. Rich resources, support from international institutions and commitment to sustainable development create a favorable environment for implementing promising projects. New legislative initiatives and readiness for cooperation make Uzbekistan an attractive partner in Central Asia.