VIDEO – PRESIDENT OF KGC ALMAZBEK BARYKTABASOV SPEAKS AT THE FORUM “MINEX CENTRAL ASIA 2024”

published: 19 June 2024

President of Kumtor Gold Company Almazbek Baryktabasov spoke at the plenary session “Unlocking the mineral resource Potential – the leading role of mining industry leaders and international investors” of the X Mining and Geological Forum “MINEX Central Asia 2024”, which is being held in Bishkek these days.

At the beginning of his report, Almazbek Baryktabasov drew attention to the fact that today there are no sectors of the world economy that do not use precious metals produced by companies represented today at the MINEX Central Asia 2024 forum.

“The volume of gold production for 2022-2023 at the Kumtor mine amounted to 30,872 kg of gold, the company’s contributions to the budget and Social Fund of the Kyrgyz Republic for the reporting period exceeded USD583,785 million or 49.4 billion KgS. The total revenue from gold sales for 2022-2023 amounted to USD1 billion 835 million 5 thousand. Net profit for the last two years was USD674.2 million.  In the form of dividends in 2022, USD140 million was paid, and at the end of last year, USD151.3 million will be paid. This year we plan to produce 12.5 tons of gold” he said.

Touching upon the innovations, the head of the company said that the mine introduced an automated system for accounting for fuel and lubricants and optimizing costs, thanks to which only last year USD17 million were saved.

“Currently, a large oil refueling complex is being constructed in Balykchy City, where a two-month supply of fuel for the mine’s needs will be stored. This is extremely important in case of force majeure, given that the company is the largest consumer of diesel fuel in the republic.  In addition, two new tower mills and more modern leach tanks were put into operation at the mine last year. This will allow extracting additional 12 thousand ounces of gold per year, ” Almazbek Baryktabasov said.

Addressing the forum participants, the President of Kumtor Gold Company noted that the company is developing and constantly working on the implementation of new projects.

“So, last year we started developing the Togolok gold deposit with a gold reserve of about 17 tons and geological exploration of the Jangart area, located 200 km from the Kumtor mine. In addition, a few months ago, a project for the extraction of gold-bearing ore at the Kumtor mine by underground method was launched. Thanks to this, it is planned to extract 115 tons of gold. In the near future, we also intend to start extracting gold from processed ore located in the mine’s tailings dumps. According to experts, the implementation of the software project will allow extracting about 55-65% of gold. Thus, a little more than half of the total reserve of 120 tons will be extracted, ” Almazbek Baryktabasov stated.