“Kumtor” to increase gold production to 17-18 tonnes after 2023 decline

Kumtor mine continues to extract low gold-grade ore in 2024. This is due to the temporary plan indicator for precious metal production. The production decline is due to the quality of ore, which has already happened several times at the deposit. For example, in 2023, Kumtor Gold Company produced 13 tonnes 577 kg of gold against the planned 14 tonnes.

Similar cases have been observed earlier - in 2002, 2006 and 2012, the factual production fell far behind the plan due to low gold content in the ore. Despite the current difficulties, experts forecast an increase in production in future. The production at Kumtor is expected to reach 17-18 tonnes of gold after the underground mining and tailings processing projects' implementation.

In 2024, it is planned to produce and sell 12.5 tonnes of gold. The Company continues to adhere to its policy of openness, publishing reports in Kyrgyz, Russian and English.

In 2023, Kumtor Gold Company's revenue was $849 million, exceeding its targets, and net profit reached $302.4 million. KGS 17.2 billion of taxes and payments were made to the national budget, and dividends totalled $151.3 million.