Invest Uzbekistan

Why Uzbekistan

Top 10 worldwide in gold, top 5 in uranium - a resource base few markets can match

Gold, uranium, copper, natural gas and a broad range of critical minerals make up a resource sector that delivered $33.8 billion of exports in 2025 - up 24% year on year. More than 60% of the country's industrial potential is concentrated in mining and processing.

“Navoi Mining and Metallurgical Combinat (NMMC) became the world's 4th largest gold producer in 2024 and plans to raise output by 30% - to 4 million ounces by 2030 - investing up to $600 million a year”
A dual listing on the London and Tashkent exchanges is being prepared

Key resource indicators · 2024-2026

  • $9,66 bn

    Gold exports, 2024

  • 129,1 t

    Gold mined in 2024

  • 96 600 t

    Uranium reserves under JORC

  • $1,1 bn

    Navoiyuran revenue from uranium

  • 2 500+ t

    Geological gold reserves

  • 4,2 m ha

    Irrigated farmland

  • $652 m

    Potash fertiliser exports

  • 27 GW

    Renewable capacity target for 2030

Global resource rankings · 2024-2026

Gold - NMMC as a company
No. 4 worldwide
Uranium
No. 5 worldwide
Rhenium
No. 7 worldwide
Gold - as a country
No. 10 worldwide
Natural gas
No. 11 worldwide
Molybdenum
No. 12 worldwide
Copper - refined wire
Top 20 worldwide

Export structure · 2025

$33,8 bn

total exports+24% YoY
  • Gold and precious metals44%
  • Other (food, services)26,5%
  • Copper and refined metals9%
  • Cotton yarn and textiles9%
  • Fertilisers6%
  • Natural gas5,5%

Energy transition - roadmap to 2030

  • 7 GW

    Solar capacity target for 2030

  • 5 GW

    Wind capacity target for 2030

  • 2 400 MW

    Nuclear power: VVER-1000, first concrete poured in June 2026

  • 27 GW

    Total renewable target for 2030 - against about 2 GW today

  • 40%

    Renewable share of electricity generation by 2030

  • CO₂ law

    Emissions trading: adopted July 2025, in force from January 2026

Electricity demand is projected to almost double - to 120 TWh by 2030. The IFC portfolio in Uzbekistan stands at $1 billion, including renewables. The 100 MW Masdar pilot was one of the first industrial-scale projects, and further capacity auctions are open to international bidders.

Investment opportunities by sector

  • Mining and metallurgy

    • Deep processing of gold, copper and zinc
    • Development of ore concentration complexes
    • Sustainable mining technologies
    • NMMC IPO - a dual listing in London and Tashkent

  • Energy

    • Solar and wind PPP auctions (backed by the IFC)
    • Gas processing and transport infrastructure
    • Nuclear supply chain and uranium processing
    • Cross-border energy corridor projects

  • Agro-processing

    • Modern fruit and vegetable processing plants
    • Export-oriented cold chain logistics
    • Fertiliser production and value-added chemistry
    • Biotechnology and sustainable agriculture

Key operators

Who runs the resource base

FocusCompanyDetails
Gold · UraniumNavoi Mining and Metallurgical Combinat (NMMC)No. 4 worldwide in gold production; preparing for an IPO
Copper · Zinc · MoAlmalyk MMCKalmakyr deposit (porphyry); Uch-Kulach lead-zinc deposit
UraniumNavoiyuran96 600 t of uranium reserves under JORC; $1,1 bn revenue (2025 financial year)
Gas · OilUzbekneftegaz264 hydrocarbon fields; Kandym gas complex ($3,4 bn)
Renewable energyIFC + MasdarWinners of the international capacity auctions

Learn more

  • Economy

    GDP growth, FDI inflow, macro stability

  • Geography

    Strategic location in Central Asia

  • Doing business

    Investment law, PPP and incentives

  • Contacts

    Get in touch with the Investment Promotion Agency

Key sources for investors

Official national and international sources