Kyrgyzstan's Kumtor Gold Mine Reports $300 Million Profit in the Last Two Years

Kyrgyzstan’s Kumtor Gold Mine Reports $300 Million Profit in the Last Two Years

28/05/2024

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During a forum in Bishkek, Kyrgyzstan’s Prime Minister Akylbek Japarov announced that the profit from the Kumtor gold deposit over the past two and a half years amounted to $300 million, with dividends totaling $100 million from 1994 to May 2021. Japarov highlighted the significant financial era the nation has entered due to their productive work. Kumtor, one of the largest gold mines in Central Asia, is located in the Issyk-Kul region in northern Kyrgyzstan, approximately 60 km from the Chinese border at an altitude of over 4,000 meters. The mine was previously owned by Canadian Centerra Gold Inc., but Kyrgyzstan took control in May 2021 citing environmental concerns and tax issues. Legal disputes arose, leading to an international arbitration initiated by Centerra, though a settlement was later reached. As of February 2023, Kyrgyzstan’s Cabinet of Ministers ended the temporary management of Kumtor Gold Company, which now operates as a subsidiary of the state-owned Kyrgyzaltyn. Formerly producing 15-17 tons of gold annually up to 2021, the mine yielded 17.3 tons in 2022.

Source and Credit: interfax.ru