Published
08/18/2025, 18:06On 11 August, an extraordinary general meeting of shareholders of Kyrgyzaltyn OJSC was held in Bishkek. As a result, a decision was made to liquidate three branches of the company at once: the Saltonsary Mine, the Tereksai Mine, and the Makmalzoloto Combine.
Interestingly, the decision to liquidate the Salton-Sary Mine and Tereksay Mine branches was considered back on 22 May this year.
According to official documents, control over the implementation of the liquidation measures has been entrusted to the board of directors, and the chief accountant of the company, Argen Zhamayev, has assumed the duties of liquidator.
Formally, the reasons for the decision have not been disclosed, but the liquidation is most likely related to the depletion of reserves and the company's transition to a new strategy.
In an interview with the Kabar news agency in early 2024, Kubat Abdraimov, chairman of the board of Kyrgyzaltyn, said that Makmalzolto had been in development since 1986 and that the deposit's reserves were now virtually depleted. In recent years, production has been carried out from tailings. The situation is similar at the Solton-Sary mine, where resources are also almost exhausted.
Taking this into account, when developing its strategic plan for the next five years, Kyrgyzaltyn shifted its focus to new and, in the opinion of the company's management, more promising sites. These include the Karakala-Terek mine in the Alay district, the Chakush deposit in the Batken region and the Mironovskoye deposit in the Kemin district.
According to information from the Kyrgyzaltyn website, two of the branches being closed employed hundreds of people: the Terekasai mine had 395 employees and Makmalzoloto had 511. No information is available on the number of people employed at Solton-Sary.
