The Kumtor mine in Kyrgyzstan is reported to hold an impressive reserve of over 50 tons of gold, Sputnik Kyrgyzstan reports citing Dayirbek Orunbekov, the head of the press service of the President of Kyrgyzstan.
Orunbekov drew attention to the stark contrast in the mine’s financial contributions before and after its transition to Kyrgyzstan’s jurisdiction. Over the 28 years under the control of a foreign entity, the Kumtor mine yielded 410 tons of gold, yet not a single gram found its way into Kyrgyzstan’s coffers.
During this period, the nation received a meager $100mn in dividends. In a significant turnaround, after the mine’s transfer to state control in 2022-2023, Kyrgyzstan witnessed a remarkable surge in revenue, totaling $698.6mn. Additionally, more than 50 tons of gold are reported to be stockpiled in warehouses.
The economic impact is further underscored by Kyrgyzstan’s gold exports in the 10M 2023, which amounted to 12.8 tons, with a staggering value of $805.4mn. This figure reflects a notable increase of 2.9 tons within a single month. Switzerland emerged as the primary destination for these precious metal exports, with 10.6 tons of gold delivered, fetching $665mn.
