Tashkent, Uzbekistan (UzDaily.com) — The Ministry of Finance of Uzbekistan has become the sole shareholder of the Navoi Mining and Metallurgy Company (NGMK).

According to the interim financial report for the first half of the current year, 2% of NGMK’s shares were transferred from the Agency for State Asset Management to the Ministry of Economy and Finance.

It is worth noting that in August 2023, the Agency for State Asset Management received 2% of NGMK’s shares on its balance sheet. At that time, it was planned that these shares would be offered to the public as part of a "people’s IPO."

In May 2024, a decision was made to sell up to 5% of NGMK’s shares on the international stock market, with the sale expected to take place in the third quarter of 2025.

NGMK ranks fourth among the world’s gold producers and is the largest gold mining company in Central Asia, operating 12 major mining enterprises, seven hydrometallurgical plants, and two heap leaching installations.

NGMK’s net profit for the first six months of 2024 amounted to US$882 million, which is a 14% increase compared to the same period in 2023.