The company published data only in relative terms, there is no information in tons. However, by the end of 2022, the enterprise produced 3.56 thousand tons of raw materials. Taking into account the 14% growth last year, the volume should have exceeded 4 thousand tons.
This result is ahead of the target indicator, which was set by the decree of the head of state in 2022. The document states that in 2023 the company should have increased production to 3.65 thousand tons.
By 2030, the republic plans to increase the production of raw materials to 7.1 thousand tons. It is planned to increase production through the implementation of investment projects.
In 2023, Navoiyuran invested $62.1 million in its development. The production volume in monetary terms amounted to 6.8 trillion soums, which is 13% higher than in 2022. The company’s net profit increased by 14% to 2.4 trillion soums.
Not only production growth but also rising raw material prices help the company earn more. Last year, there was an increase in the cost of radioactive metal, which continued this year. In January 2024, world uranium prices rose sharply amid possible sanctions against the Russian nuclear industry, the cessation of production in Niger, and increased activity of investment funds. In February 2024, the price per pound exceeded $100, while at the beginning of January it was around $92.
Currently, locally produced uranium is not used domestically and is completely exported. It is purchased by the world’s largest companies in the industry, such as Itochu (Japan), Cameco (Canada), CNEIC (China), and others.
The only uranium mining enterprise in Uzbekistan now is Navoiyuran. The state company was created in early 2022 as a result of the transformation of the Navoi Mining and Metallurgical Plant (NMMC). The latter was divided into three structures – JSC Navoi MMC, the NMMC Fund and the state enterprise Navoiyuran. The joint-stock company is engaged in gold and silver mining, and Navoiyuran oversees the radioactive metal. In the context of the current global energy deficit, green energy is developing, including nuclear energy. Therefore, the demand for geological exploration and uranium mining is growing in the world, and foreign investors are also showing interest in investing in uranium projects.