STATE ENTERPRISE “NAVOIYURAN” ALSO OBTAINED THE HIGHEST PRESTIGIOUS INTERNATIONAL CREDIT RATING IN THE REPUBLIC OF UZBEKISTAN
Transformation plays an important role in increasing the sustainability and efficiency of the country’s economy.
The Decree of the President of the Republic of Uzbekistan dated July 14, 2022 No. PQ-319 sets the task of obtaining an international credit rating and increasing the investment attractiveness of the enterprise as a result of the transformation of the enterprise.
In particular, Standard & Poor’s Global Ratings established the long-term issuer default rating of Navoiyuran State Enterprise as BB-/Stable, and the stand-alone credit profile is BB-, which confirms the second place among large industrial state enterprises in the Republic of Uzbekistan.
For information: Standard & Poor’s Global Ratings is one of the international rating agencies that, based on independent analysis of companies, provides information and opinions for participants in international financial markets about companies with international ratings.
Thus, the uranium reserves of 17 important deposits on the company’s balance are estimated at 71 thousand tons in accordance with the standards of the Australian JORC code, and the financial statements, prepared for the first time in accordance with the requirements of International Financial Reporting Standards (IFRS) for 2022-2023, received a “positive” audit opinion from the international audit organization Deloitte, a Big Four member.
In particular, according to the Standard & Poor’s Global Ratings report, Navoiyuran State Enterprise confirmed its 5th place in the world in uranium production, as well as with its lowest production costs compared to other foreign uranium mining companies.
The international rating agency has introduced with the works carried out within the framework of the enterprise transformation program. In particular:
– long-term strategy and target indicators of the enterprise, operational efficiency measures;
– activities of foreign specialists participating in the management of the enterprise, transformation of the corporate governance system;
– international certificates obtained in the field of occupational health and safety (ISO 45001), aiming implementation of environmental, social and corporate (ESG) principles, energy efficiency management (ISO 50001), information security (ISO 27001), environmental (ISO 14001) and quality management (ISO 9001);
– the “Sustainability Reports” developed for 2022 and 2023 were studied based on the Global Reporting Initiative standards.
At the same time, Standard & Poor’s Global Ratings acknowledged that investment projects being implemented in accordance with strategic cooperation agreements with such foreign companies as the French Orano Mining and the Japanese JOGMEC and ITOCHU endeavors the enterprise to a new level.
“Navoiyuran” Information Center