Uzbek Gold Miner Said to Eye $20 Billion Value in Dual Listing

Navoi Mining & Metallurgical Co., one of the world’s largest gold producers, has picked banks to lead a potential initial public offering in London and Tashkent, Uzbekistan, hoping to capitalize on a recent rally in the price of the precious metal, according to people familiar with the matter.

The Uzbekistan state-backed miner is seeking a valuation of around $20 billion including debt, two of the people said, citing a nearly 30% surge in the price of gold this year and trading multiples of other gold miners. Gold miners including Newmont Corp. and Barrick Mining Corp. have seen their share prices soar this year amid the run-up in gold prices.