MINEX Forum

Tag: Kyrgyzaltyn

  • Kyrgyzaltyn Secures Exploration Rights for Iron and Titanium at Bala-Chichkan Deposit

    Kyrgyzaltyn Secures Exploration Rights for Iron and Titanium at Bala-Chichkan Deposit

    Kyrgyzaltyn OJSC has been officially granted the rights to conduct geological exploration for iron, titanium, and vanadium at the Bala-Chichkan deposit, following a resolution signed by the Chairman of the Cabinet of Ministers, Adylbek Kasymaliev. This development marks a significant step in the exploration of mineral resources in Kyrgyzstan, particularly in the Talas region, where the deposit is located.

    The Bala-Chichkan area spans approximately 4,361 hectares and is estimated to contain around 1 million tons of iron reserves. This discovery could potentially enhance the country’s mining sector and contribute to the local economy. The exploration rights are part of a broader initiative to tap into Kyrgyzstan’s rich mineral resources, which have remained underutilised for years.

    Before commencing exploration activities, Kyrgyzaltyn is required to consult with the relevant state authority responsible for cultural heritage to ensure that no historical or cultural sites are affected by the exploration. This precaution underscores the importance of balancing economic development with the preservation of cultural heritage in the region.

    The granting of these rights is expected to attract further investment into Kyrgyzstan’s mining industry, which has been identified as a key area for economic growth. As the country seeks to modernise its mining practices and increase production, the focus on sustainable and responsible exploration will be crucial in ensuring long-term benefits for the local communities and the environment.

  • Kyrgyzaltyn and AzerGold Forge Cooperation in Precious Metal Mining

    Kyrgyzaltyn and AzerGold Forge Cooperation in Precious Metal Mining

    Kyrgyzaltyn OJSC and AzerGold CJSC have entered into a memorandum of mutual cooperation during a state visit to Kyrgyzstan by Azerbaijan’s President Ilham Aliyev. This agreement is designed to enhance collaboration between the two companies in the precious metal mining and processing sectors. The signing of this memorandum is part of a broader set of bilateral agreements that emerged from discussions between Kyrgyzstan’s President Sadyr Zhaparov and President Aliyev.

    The memorandum signifies a commitment to strengthen ties in the mining industry, which is crucial for both nations given their respective natural resource endowments. By pooling resources and expertise, Kyrgyzaltyn and AzerGold aim to improve efficiencies in gold extraction and processing, potentially increasing output and profitability for both entities.

    In addition to the mining agreement, the two countries have ratified a Treaty on Alliance Relations, which aims to foster cooperation across various sectors including transport, energy, investment, digital services, and finance. This multi-faceted approach indicates a strategic partnership that extends beyond mining, reflecting a comprehensive vision for economic collaboration.

    The agreement also encompasses additional areas of cooperation, such as the supply of oil and petroleum products, financial market development, statistics, cyber security, and freight transport. This holistic strategy is expected to bolster regional ties and enhance economic stability between Kyrgyzstan and Azerbaijan, paving the way for future joint ventures and investments in key sectors.

    As both nations look to leverage their natural resources and enhance their economic frameworks, this partnership could serve as a model for other countries in the region seeking to collaborate on resource management and economic development. The focus on precious metals, in particular, highlights the growing importance of this sector in the global economy, especially as demand for gold and other precious metals continues to rise.

  • Kyrgyzaltyn Strengthens Ties with Tajik Mining Giants Through Strategic Co-Op Agreements

    Kyrgyzaltyn Strengthens Ties with Tajik Mining Giants Through Strategic Co-Op Agreements

    Kyrgyzaltyn, Kyrgyzstan’s state-owned mining company, has entered on 27 August 2025 into significant co-operation agreements with three of Tajikistan’s premier mining firms: Talco Gold, Tajik-China Mining Company, and Pakrut. The memorandums of understanding were officially signed during a high-level visit by Tajikistan’s First Deputy Prime Minister, Hokim Kholikzoda, and a large business delegation.

    The agreements, which were announced by Kyrgyzaltyn, are intended to bolster the development of the mining sector across both nations. The focus will be on the implementation of advanced technologies, improving production efficiency, and creating new job opportunities.

    In a further sign of burgeoning economic ties, a separate memorandum was also signed between the Tajik delegation and the wheel processing and restoration plant belonging to Kumtor Gold Company, a subsidiary of Kyrgyzaltyn.

    As part of their visit, the Tajik delegation toured several key Kyrgyz enterprises, including the wheel processing and restoration factory and Kyrgyzaltyn’s main facilities.

    Kyrgyzaltyn, which holds a crucial position as the sole domestic producer of refined gold and gold bars in Kyrgyzstan, stated that the newly signed agreements will lay the groundwork for strengthened good-neighbourly relations and foster long-term, mutually beneficial collaboration between the two countries.

  • Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Kyrgyzaltyn Confident in Kumtor’s 2025 Gold Production Target

    Bishkek, Kyrgyzstan – Kyrgyzaltyn OJSC, the sole shareholder of Kumtor Gold Company (KGC), has declared that Kumtor’s gold production plan for 2025 is “realistic and fully achievable.” This assertion comes from Kubat Abdraimov, Chairman of the Board of Kyrgyzaltyn, following a recent visit to the Kumtor mine.

    Abdraimov’s confidence stems from KGC’s strong production performance in 2024. Kumtor Gold Company’s 2024 revenue from gold sales reached $989.1 million, significantly exceeding the planned $739.3 million. The mine produced 12,552 kilograms of gold, surpassing its target of 12,509 kilograms.

    During his visit, Abdraimov thoroughly inspected various operations at the mine, including the progress of the underground gold mining project, the testing of recovered tires on dump trucks, the functioning of the gold processing plant, and the condition of the Central and Sary-Tor pits.

    Focus on Equipment and Efficiency

    Abdraimov paid particular attention to the heavy mining equipment repair workshop and the fueling complex. He emphasized the critical role of maintenance in Kumtor’s continuous operation. “The most modern special mining and auxiliary equipment is currently operating at the mine,” he noted. “Considering that the equipment operates in high-altitude and often in harsh weather conditions, and the mine itself does not stop for a minute, various breakdowns are inevitable. Much depends on the repairmen, whose high professionalism no one doubts.”

    He also highlighted the positive impact of the newly commissioned fueling complex, which has strengthened control over diesel fuel usage and resulted in “significant financial resources” being saved.

    Looking ahead, Abdraimov affirmed Kyrgyzaltyn’s commitment to continuous improvement and active promotion of digital transformation initiatives at the mine.

  • Kumtor Gold Company to Pay Kyrgyzaltyn $151.3 Million in Dividends

    Kumtor Gold Company to Pay Kyrgyzaltyn $151.3 Million in Dividends

    Kumtor Gold Company (KGC) has announced its plans to pay Kyrgyzaltyn $151.3 million in dividends. This amount exceeds the 2022 figure by $11.3 million when Kyrgyzaltyn received $140 million. According to KGC’s financial report, the company’s net profit amounted to $371.721 million last year, marking a 59.4% increase from 2021.

    It’s worth noting that with the dividend payout by Kumtor, Kyrgyzstan’s total income from the gold mining company for 2022 and 2023 will reach $291.3 million. This nearly triples the dividends received by Kyrgyzstan from Canadian company Centerra Gold Inc. between 2010 and 2021, which amounted to $101.7 million.

    Recall that Kumtor fully transitioned into Kyrgyzstan’s ownership on July 29, 2022, following the exchange of relevant documents at the Kyrgyzstan Embassy in the United Kingdom.

  • Kumtor no longer bears any responsibilities related to the sale of gold to the Canadian Centerra Gold

    Kumtor no longer bears any responsibilities related to the sale of gold to the Canadian Centerra Gold

     

    Kyrgyzstan has approved a revised agreement for the sale of gold and silver mined at the Kumtor gold mine. The new agreement relieves ‘Kumtor Gold Company’ from its obligations to sell precious metals to Canadian Centerra Gold. On July 29, 2022, there was a document exchange procedure at the Kyrgyz embassy in Britain to confirm the transfer of ownership of the Kumtor gold deposit from Centerra Gold to Kyrgyzstan. The full package of legal documents, including necessary transfer papers, powers of attorney, and certificates for the complete transfer of property rights over 100% of the shares of companies ‘Kumtor Gold Company’ and ‘Kumtor Operating Company’ to OAO ‘Kyrgyzaltyn’, were handed over to the Kyrgyz ambassador in Britain, Ulan Juusupov. To maintain the continuous and effective operation of the Kumtor mine with Centerra Gold leaving the project, the cabinet of ministers of Kyrgyzstan decided that the old contract between the parties had become invalid, and approved the revised contract. The press service of the cabinet announced that the new agreement was made between JSC ‘Kumtor Gold Company’, OAO ‘Kyrgyzaltyn’, and the cabinet. The government also advised all companies involved, as well as the National Bank of Kyrgyzstan, to take necessary measures to comply with the new plan. Ministries and various departments of Kyrgyzstan were also instructed to organize their work by this decision.

  • The Ministry of Natural Resources of Kyrgyzstan announced large deposits for which licenses were issued based on the results of 11 months

    The Ministry of Natural Resources of Kyrgyzstan announced large deposits for which licenses were issued based on the results of 11 months

    Based on the results of 11 months of 2023, the Ministry of Natural Resources issued 34 licenses for geological exploration and prospecting, 29 licenses for field development. First Deputy Minister of Natural Resources Medetbek Mametov said this on December 8, 2023 at a press conference in Bishkek.

    The Deputy Minister announced the large deposits for which the department has issued licenses:

    – Kumtor Gold Company CJSC – license for the right to use subsoil for the purpose of developing the Togolok gold deposit;

    – OJSC “Kyrgyzaltyn” – license for the right to use subsoil for the purpose of developing the Mironovskoye gold deposit;

    – State Enterprise “Kyrgyzkomur” – license for the right to use the subsoil of the Kara-Keche coal deposit.

    “Due to the changes, it is planned to ensure the safety of the population and minimize the burden on the environment, as well as expand opportunities for further economic growth of Kyrgyzstan,” said M. Mametov.