Tengiz Bolturuk reports on work of Kumtor under external management
Negotiations on complete transfer of Kumtor mine to the ownership of Kyrgyzstan are nearing completion. Press service of the Cabinet of Ministers reported.
At the first meeting of the Cabinet of Ministers in 2022, the interim external manager of Kumtor Gold Company CJSC Tengiz Bolturuk presented a report on the company’s performance for 2021 and the period of temporary external management.
It was noted that good results were achieved during the reporting period.
For 12 months of last year, Kumtor produced 14,561 kilograms of gold.
Since the beginning of the year, the company has transferred taxes and obligatory payments in the amount of 13.6 billion soms with the plan of 9 billion. The deductions plan was exceeded 1.5 times. Total gold sales revenue for 2021 reached $856 million, including $621 million for the period of temporary external management. The total cost per ounce of gold is $220 lower than planned, or by more than 16 percent.
«Only this key indicator — reduction in the cost of an ounce of produced gold — can be used to judge the economic efficiency and effectiveness of the interim external manager compared to the previous management of the company,» the Cabinet Chairman Akylbek Japarov said.
Tengiz Bolturuk also informed about the plans for the current year. According to him, implementation of sustainable development projects that will improve the technology for processing ores with high sorption activity, increase gold recovery, start underground mining and processing of the tailings is planned in the near future.
According to the development plan of Kumtor Gold Company for 2022, production of over 17 tons of gold is expected.
«Despite all the difficulties that arose during the transition to external management, and the obstacles put by Centerra Gold Inc., the staff of Kumtor Gold Company coped with the tasks set. The mine is working stably, uninterruptedly, in normal mode. All taxes and mandatory payments to the budget are paid on time and in full,» Tengiz Bolturuk assured.
Temporary external management was introduced at Kumtor Gold Company CJSC by the order of the Cabinet of Ministers dated May 17, 2021. Tengiz Bolturuk was appointed the external manager.
