Tashkent, Uzbekistan (UzDaily.com) — The state enterprise Navoiyuran has announced its preparations for the first issuance of eurobonds with a volume of up to US$300 million.

According to the company’s press service, the placement will be organized with the participation of a consortium of international underwriting banks — Citigroup, Abu Dhabi Commercial Bank (ADCB), and Natixis.

Ahead of the placement, representatives of Navoiuran conducted a series of investor meetings (non-deal roadshow) in Abu Dhabi, Dubai, New York, and Boston.

During these events, the company’s long-term strategy was presented, which includes increasing uranium production, modernizing production capacities, and strengthening Uzbekistan’s position in the global nuclear fuel supply chains.

Among the potential investors are major institutional players such as Abu Dhabi Investment Authority, Brevan Howard, Emirates Investment Bank, Mashreq Capital, MFS Boston, BHM Capital, and other representatives of the debt and commodity markets.

According to the World Nuclear Association, Uzbekistan ranks seventh in the world in uranium production, annually producing between 3,500 and 3,700 tons of natural uranium (as of 2022–2023). The country’s key export partners include France (through the company Orano), as well as South Korea and China.

S&P Global estimates show that Uzbekistan’s uranium exports exceeded US$450 million in 2023, representing a 28% increase compared to the previous year.

The funds raised are expected to be directed towards co-financing production projects.

As part of its development strategy announced back in 2021, Navoiuran intends to double its production volumes by the end of the decade — reaching 7,100 tons per year — through the introduction of modern underground leaching technologies and expansion of geological exploration activities.