“KUMTOR GOLD COMPANY CJSC”: NET PROFIT FOR 2023 AMOUNTED TO $302.4 MILLION COMPARED TO THE PLAN OF $194.0 MILLION

published: 26 February 2024

KUMTOR GOLD COMPANY CJSC informs about the results of production activities of the enterprise for 2023.

Kumtor Gold Company’s revenue from production activities in 2023 amounted to USD 849.0 million compared to the plan of USD 734.2 million.  The company sold a total of 13 tons 577 kg of gold in 2023. Net profit for the year amounted to $302.4 million compared to a plan of $194.0 million. Taxes and other payments to the republican budget amounted to 17 billion 241 million 71 thousand soms.

Kumtor Gold Company’s capital expenses totaled $111.5 million in 2023 compared to $186.1 million in 2022.

Two new ultra-fine tower mills and additional leaching vats were commissioned at the Kumtor mine. This will allow extraction of additional 7 to 12 thousand ounces of gold per year. At the same time, 93 units of special various equipment were purchased.

Last year, a tire recycling and recovery plant in Tokmok was launched in test mode and development was begun of the Togolok deposit with a gold reserve of more than 17 tons.

Last year, due to optimization of the work process and modernization of equipment during mining operations was saved over USD 30 million.

For the development of the Issyk-Kul region 8 million 389 thousand USD were allocated, 5 million 33 thousand USD were transferred to the Development Fund of Naryn region “Tenir-Too”, 1 million 597 thousand USD to the Regional Development Partnership Development Fund and 1 million 542 thousand USD to the Nature Development Fund.