Uzbek mining giant Almalyk MMC intends to conduct IPO and SPO

Almalyk mining and metallurgical complex (AMMC) is preparing to list its shares on international capital markets, Review.uz wrote on November 20. The IPO and SPO is expected to take place in 2023.

An independent external audit was run by Ernst & Young. KPMG assessed the plant’s readiness for IPO.

The audit report is set to help the plant get international credit rating and attract international financial institutions to effectively finance investment projects.

The plant is now trying to raise funds of VEB.RF (Russia) to finance its projects.

A loan agreement was signed for the amount of EUR 20mn to finance the supply of Russian-made equipment.

On November 20 we wrote about the plans of the Russian corporation to allocate $650mn to finance hydrocarbons projects in Uzbekistan.

AMMC is one of the largest mining and metallurgical enterprises in Uzbekistan, produces about 90% of silver and 20% of Uzbek gold. It is also the largest copper producer in Central Asia.

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