Kyrgyzstan’s Kumtor gold mine reports 2015 production results


BISHKEK (TCA) — The Kumtor mine, the largest gold mine in Kyrgyzstan, produced 16,195.4 kg of gold in 2015. Gold sales in 2015 were 16,189.9 kg with a revenue totaling $604.5 million, Kumtor Gold Company said on March 16.

According to preliminary reports of the National Statistics Committee of Kyrgyzstan, Kumtor’s share in Kyrgyzstan’s GDP in 2015 was 6.8 percent; Kumtor’s share in the country’s aggregate industrial output was 22.5 percent; and gold’s share in the national exports in 2015 was 39.7 percent.

During the twelve months of 2015, Kumtor’s contributions to the national budget in taxes, deductions to the Social Fund and other mandatory payments exceeded $123 million.

Contributions made within the Kyrgyz Republic in 2015 (including taxes, refining, domestic suppliers, infrastructure, charities, etc.) have exceeded $256 million.

In all, contributions made within the Kyrgyz Republic between 1994 and 2015 have exceeded $2.964 billion, the company said.

“We achieved our production guidance for the full year 2015,” said Daniel Desjardins, President of Kumtor Gold Company. “Gold production for the full year 2016 at the Kumtor mine is forecast to be 480,000 to 530,000 ounces or 14.9-16.5 tons. In 2016, the company expects an increase in gold production in the latter half of the year after we have accessed the high-grade SB Zone in the third quarter of 2016.”

The company also said its total capital expenditures this year, excluding capitalized stripping, are forecast to be $110 million.

Sergey Kwan