Uzbek gold miner NMMC ramps up London IPO preparations
Navoi Mining & Metallurgical Co., one of the world’s largest gold producers, is eyeing a potential London listing this year that could value the Uzbekistan state-backed miner at £4-billion ($5.2-billion) or more, according to people familiar with the matter.
Rothschild & Co. is working as an IPO adviser on the possible listing, which could take place as soon as the second half of the year, the people said. The mining company, more commonly known as NMMC, raised $1-billion via bonds traded on the London Stock Exchange last year. The banks that worked on the bond sale including Citigroup Inc. and JPMorgan Chase & Co. are in a good position to win roles on the IPO as well, the people said, asking not to be identified discussing confidential information.
Deliberations are at an early stage and details of the IPO could still change or get delayed, the people said. Representatives for NMMC, Citigroup and JPMorgan declined to comment. A spokesperson for Rothschild didn’t respond to requests for comment.
NMMC’s potential listing is part of the Central Asian country’s attempts to privatize a bulk of its assets. For London, the first-time share sale would give a much needed boost to its struggling IPO market, which has only raised about $76-million so far this year.
The UK has long been a go-to destination for mining firms seeking public market investors — but more recently persistently low valuations have prompted some its largest firms including commodities giant Glencore to consider moving their primary listing away from London.
NMMC operates the Muruntau mine, one of the world’s largest open-pit gold mines. The company produced 2.9-million ounces of gold in 2023. It has a total mineral resource base of 148 million ounces and the firm contributes nearly a fifth of Uzbekistan’s state budget revenue, its website shows. NMMC employs over 47 000 people across 12 major mining sites and nine processing facilities.
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