History

History

Despite the fact that the Kumtor gold deposit was discovered in 1978 and the feasibility study was drafted by GINALMAZZOLOTO of the Chief Directorate of Precious Metals and

Diamonds of the USSR Council of Ministers in 1989, the development of the mine was delayed as the project was seen as being too costly:

995.4 million Soviet rubles (an approximate equivalent of 1.46 billion USD as it stood in those days).

It was not until after Kyrgyzstan gained independence that it found itself in a position to attract western investment to start developing its own mineral resources. After thoroughly examining several investment offers, the Government of the Kyrgyz Republic

favored those made by Canadian Cameco Corporation, one of the world’s largest uranium producers. On December 4, 1992, in Toronto the sides signed the Kumtor Master Agreement.

History

1978

 A geophysical expedition of the Kyrgyz State Geological Committee discovers the Kumtor deposit.

1989

 The USSR Geology Ministry publishes the results of the detailed exploration of the Kumtor deposit.

1992

 Cameco geologists travel to the CIS in search of promising deposits.

1992

 The Government of Kyrgyzstan and Cameco Corporation sign Master Agreement forming the Kumtor Gold Project.

1993

 Kumtor Operating Company is formed as the project operator.

1994

 The feasibility study finalized. Construction at Kumtor began.

1995

 Initial financial package necessary for getting credits is completed and approved.

1996

 The gold mill inauguration was held.

1997

 Commercial gold production began.

1998

 A million ounces of gold produced.

2002

 Gold production at Kumtor exceeded 100 tonnes (3.2 million ounces).

2004

 Project restructuring. Centerra Gold Inc. was formed. The Investment Agreement came into effect (June 22, 2004).

2005

 Based on exploration results, the Kumtor mine-life extended till 2013.

2006

 95 million USD invested in the Kumtor modernization program.

2009

 Parliament of the Kyrgyz Republic signed and ratified the Agreement on New Terms for the Kumtor Project.

2012

 Largest investments in the development of production – 385.2 million USD.

2012

 Based on exploration results, the Kumtor mine-life extended till 2023, and milling operations to conclude in 2026.

2014

 Transfer of operations activities from Kumtor Operating Company to Kumtor Gold Company.

2017

 Strategic Agreement on Environmental Protection and Investment Promotion among the Government of the Kyrgyz Republic and Centerra Gold Inc. and Kumtor Gold Company CJSC and Kumtor Operating Company CJSC

2021

 In accordance with Order No. 2 of the KR Cabinet of Ministers dated May 17, 2021, temporary external management has been introduced in Kumtor Gold Company CJSC.

2022

On April 4, 2022, the Global Arrangement Agreement was signed among the Kyrgyz Republic, Kyrgyzaltyn JSC, Centerra Gold Inc.

On August 23, 2022, the temporary external management at KGC was terminated (completed) by Order № 446-r of the Cabinet of Ministers of the Kyrgyz Republic.

On August 23, 2022, the Board of Directors of KGC was formed by the decisions of Kyrgyzaltyn JSC, the sole shareholder of KGC.