Frank Bidlingmaier, Sales Manager “Engineering Dobersek” of Navoi Mining & Metallurgy Combinat (NMMC), from Uzbekistan received the Arch of Europe award from Jose. E Prieto President and CEO of BID in Frankfurt.
With the volatility of equity markets in recent years many investors have been flocking towards gold as an alternative investment.The price of gold has more than doubled in the past five years, creating considerable interest in trading the precious metal. Roughly $75 billion USD is traded in the London bullion market every day.
This is good news for Navoi Mining & Metallurgy Combinat (NMMC) BID awardee from Uzbekistan, who owns the second largest gold mine in the world. Muruntau Gold Mine, which is about 250 miles west of the capital in Uzbekistan, produced approximately 1,800,000 ounces of gold in 2010. Uzbekistan is one of the top ten gold producers in the world, whose deposits have an estimated value of $500 billion USD, with Navoi producing 80% of the country’s output.
In addition to gold, the mining company is among the world’s largest uranium producers, and is responsible for all of the uranium mining and production in Uzbekistan. Fellow BID award winner Korean Electric Power Corporation (KEPCO), has agreed to purchase $400 million USD worth of uranium from Navoi. In 2012 the company plans to increase uranium production by 1.7 times compared to 2007. Currently, NMMC has a program to modernize the production of uranium, providing for expansion of existing mining and processing facilities, renewal of technological equipment, as well as construction of new mines worth $165 million USD.
Along with their business and financial success, NMMC emphasizes that people are its main riches. It has a social policy aimed at improving not only the work conditions of its employees, but also increasing their quality of life. B.I.D. commends the company’s commitment to quality in all aspects of its business.