BISHKEK: Kumtor Gold Company, operating in Kyrgyzstan, has announced that it produced approximately 13.5 tonnes of gold in the year 2023, as outlined in its recently published annual report on the company’s website.
According to the company’s press service, the gold production figure of 13,567 kilograms in 2023 reflects a decrease attributed to the lower gold content found in the mined ore.
In addition to production statistics, the report highlighted the company’s financial performance, revealing that Kumtor Gold Company sold 13,577 kilograms of gold, resulting in a net profit of $302.4 million for the year. This figure surpassed the company’s target of $194 million.
The company’s revenue from production amounted to $849 million, exceeding the targeted $734.2 million, while capital investment for the year reached $111.5 million, as compared to $186.1 million in 2022.
Kumtor Gold Company’s Advancements
Notable advancements in infrastructure included the commissioning of two new ultra-fine extraction tower mills and additional leaching vats at the Kumtor mine, aimed at extracting an additional 7,000 to 12,000 ounces of gold annually. Efficiency improvements and the upgrading of mining equipment contributed to cost savings of over $30 million.
Kumtor, situated in the Issyk-Kul region of northern Kyrgyzstan, is recognized as a significant gold deposit in Central Asia, located approximately 60 kilometers from the Chinese border and soaring over 4,000 kilometers above sea level.
The mine’s ownership and operation have undergone significant transitions, with Canadian Centerra Gold Inc. previously managing the site through its subsidiary, Kumtor Gold Company, under an agreement with the Kyrgyz government. However, in May 2021, Kyrgyzstan assumed control of the mine citing environmental concerns and tax issues. Following international arbitration and bankruptcy proceedings, an agreement was eventually reached between Centerra and the Kyrgyz government.
As of February 2023, Kumtor Gold Company operates as a subsidiary of the state-run Kyrgyzaltyn, marking a new phase in the management of the gold mine.
