Navoi, 4th-largest gold producer, upticks ESG

Navoi Mining and Metallurgical Co., the world’s fourth-largest gold producer, has slightly improved its its ESG (environmental, social and governance) rating by Fitch.

Navoi’s rating came in at 3 along with an overall score of 54, up from 51 previously, according to Sustainable Fitch, part of the Fitch Group, a U.S. company that also rates bonds, corporate and country debt among other financial services. The unit ranks ESG on a scale of 1 to 5, with 1 being best, along with an overall score out of 100.

“Sustainability principles form the foundation of effective management, investor confidence and long-term corporate resilience,” Navoi chairman and CEO Kuvandik Sanakulov said in a release this week. “The reaffirmation of our ESG rating reflects the results of our systematic efforts in this area.” 

The gold miner, which has been off the radar until recent years because it’s a state-owned miner in the former Soviet bloc, is keen to improve perceptions of its environmental and governance approach as it considers a public listing to attract Western capital. Navoi has a resource estimated at 150 million oz. of gold, although the format may not follow Canadian or Australian reporting standards that are industry benchmarks. 

Environment

Fitch upgraded Navoi’s environmental profile to 2 after it disclosed Scope Two emissions, indirect greenhouse gases from purchased energy used by the company. It also pledged to eliminate environmental incidents and reduce Scope One pollution, direct emissions from sources a company owns or controls, by 10% from 2024 levels by 2030. 

The company’s social profile remains at 3, reflecting robust corporate sustainability policies, workforce stability and no reported labour or social responsibility incidents, the company said. 

The governance profile has been maintained at 2, supported by high-quality financial reporting, and a sound risk management and tax compliance framework, the company said. It plans to further strengthen its occupational health and safety system and gender diversity.

“In 2026, we will continue implementing [Fitch’s] recommendations and integrating international ESG standards across all aspects of our operations,” Sanakulov said.