In January-August 2023, Kyrgyzstan sold abroad 8.7 metric tons of gold for $545,170,000, or 47.7 billion soms. These statistics are provided by the National Statistical Committee of the Kyrgyz Republic. According to the agency’s information, Switzerland was the largest buyer of precious metal from Kyrgyzstan, purchasing 7.15 metric tons of gold for $448 million. Hong Kong followed, with 983 kilograms of gold sold for $60 million, and the United Arab Emirates, which acquired 582 kilograms of gold from Kyrgyzstan for $36.6 million.
Earlier, the Ministry of Finance of Kyrgyzstan reported that in 2022, the Kumtor mine produced 17 metric tons and 305 kilograms of gold, with 17 metric tons and 284 kilograms being sold. According to the Ministry of Finance, in the previous year, the Kumtor Gold Company transferred 27 billion 959.4 million soms in taxes, which is 267.3% more compared to 2021.
The Kumtor mine in the Issyk-Kul region of Kyrgyzstan is the country’s largest gold deposit. In 2021, the Kyrgyzstan government took control of this enterprise, which had been jointly managed with Canada’s Centerra Gold Inc. since 1997.
In April 2022, Kyrgyzstan authorities reached a consensus with the foreign company, and Kyrgyzstan transferred 26% of Centerra Gold’s shares that it owned, while also dropping ecological and economic claims. Kyrgyzstan then took full ownership of 100% of the Kumtor Gold Company.