Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
Navoi Mining and Metallurgical Company (NMMC) is implementing a project to expand the processing capacity of its hydrometallurgical plant No. 7 (HMP-7), the largest industrial facility for processing technogenic waste in Uzbekistan.
This expansion project is an important component of the company’s sustainability agenda, aimed at minimizing the environmental impact of production and protecting the surrounding environment, the miner said in a news release.
According to NMMC, the processing of technogenic waste at HMP-7 is highly cost-efficient due to the absence of expenses for mining, technological crushing, sorting and ore transportation, which would significantly reduce the production costs of the plant’s output. In 2023, HMP-7 processed 15.8 million tonnes of waste, with plans to increase to 16 million tonnes in 2024.
Currently, the foundation is being constructed for four new mills with a combined annual processing capacity of 10 million tonnes of technogenic waste. In addition, thickeners and other devices, which will later be installed in the plant’s workshops, are under development, and communication systems are being installed.
Once completed, the number of mills at the plant will increase to ten, enabling an annual processing capacity of up to 25 million tonnes, the company said.
The project is being executed entirely with the company’s resources – necessary equipment and spare parts for the new mills are being localized and manufactured at the Navoi machine-building plant and the Zarafshan repair-mechanical plant, while construction work is being carried out by the Zarafshan construction directorate.
Founded in 1958, NMMC is the largest industrial enterprise in Uzbekistan and one of the world’s leading gold producers. It currently owns a dozen mine operations across the Navoi and Samarkand regions, with a combined gold resource of approximately 148 million oz.
