Uzbekistan’s Navoi Mining and Metallurgical Company (NMMC) reported a significant increase in first-half profit as higher gold prices outweighed lower production. However, its reported costs increased faster than those of Newmont, Barrick, and Agnico Eagle, demonstrating how rising expenses are absorbing some of the windfall.
NMMC’s net profit reached $2.38 billion in January–June 2026, while revenue increased almost 50% to $7.07 billion, according to a company press release seen by Kursiv Uzbekistan. Gold production fell 1.8% to 1.51 million ounces, according to its financial results.
The company’s all-in sustaining cost — a measure that covers production...