Kyrgyzstan had acquired full ownership of the Kumtor gold mine, one of the largest gold mines in Central Asia, after it reached an agreement with a Canadian mining company in April 2022
Bishkek
During the first half of 2023, Kumtor Gold Company of Kyrgyzstan sold 5,499 kilograms of gold, generating a revenue of 341.3 million US dollars, surpassing the planned target of 287.1 million US dollars.
The President of Kumtor Gold Company, Almaz Baryktabasov, presented these figures during a report on the company’s activities to the Prime Minister of Kyrgyzstan, Akylbek Zhaparov.
Out of the revenue, payments to development funds amounted to 5.3 million US dollars, and contributions to social development reached 800 thousand US dollars. The net profit for the first half of the current year stood at 101.2 million US dollars, as reported by A. Baryktabasov.
Prime Minister Zhaparov emphasized that Kumtor is not only one of Kyrgyzstan’s main projects but also a national asset that now benefits the country’s people.
He highlighted that the company’s management is responsible not only for the operational cycle of the enterprise but also for preserving the country’s heritage. Special attention needs to be given to the quality of the company’s management and ensuring industrial safety during mining operations at the mine. The President of the country has set tasks for the company’s management that must be accomplished.
It may be recalled that Kyrgyzstan had acquired full ownership of the Kumtor gold mine, one of the largest gold mines in Central Asia, after it reached an agreement with a Canadian mining company in April 2022.
Kyrgyzstan’s President Sadyr Japarov had announced in a televised address that the country has reached the deal with Canadian mining firm Centerra Gold following a year of legal wrangling, reports Turkish news agency Anadolu.
“Through this agreement, we have been able to ensure a full and irrevocable handover of our greatest national treasure, the Kumtor gold mine, to Kyrgyzstan,” Japarov said.
The Kumtor mine would be fully owned by Kyrgyzstan, according to the president, who also said that “Kumtor Gold Company is 100% owned by our country.”
“Looking ahead to the next 10 years, experts estimate Kumtor mine will produce at least $5 billion dollars from the 160-200 tons of gold expected to be mined,” he said.
This is the money that will go directly into the national budget, he said.
The Kumtor gold mine, located in the Issyk-Kul region of northwestern Kyrgyzstan, contributes significantly to the country’s economy and employs nearly 4000 people, accounting for more than 12% of the country’s gross domestic product.
_______________
Courtesy: Central Asian Light (Posted on July 20, 2023) and Anadolu Agency (Posted on April 6, 2022)
