NMMC Receives Initial International Credit Rating from S&P Global Ratings – ‘BB-’ with a ‘Stable’ Outlook
2024-07-05 09:35:00 / News
As part of the rating process, S&P Global Ratings simultaneously assessed the Company's stand-alone credit profile (SACP) at 'bb+', the highest grade ever assigned to a company from Uzbekistan.
According to a release by S&P Global Ratings, “Uzbekistan-based Navoi Mining and Metallurgical Co. (NMMC) is the world's fourth-largest gold producer with 2.9 million ounces (moz) of output in 2023, benefiting from the low cost of production and vast reserves, as well as conservative leverage metrics with funds from operations (FFO) to debt consistently above 60%”.
At the end of 2023, the total cash cost (TCC) of NMMC amounted to $745 per ounce of gold, one of the lowest among companies S&P Global Ratings has evaluated. S&P Global Ratings expects that with favorable gold prices, NMMC will demonstrate high operational and financial performance in the years to come.