The management of the largest gold mine in Kyrgyzstan, Kumtor, was transferred to Kyrgyzaltyn OJSC, and the Heritage of the Great Nomads holding, which previously managed the mine, was decided to be liquidated, Interfax reports. This decision was made by the Government of Kyrgyzstan, the agency reports.
JSC National Holding Company Heritage of the Great Nomads acted as a temporary external manager of the mine and now its further activity is recognized as inexpedient, representatives of the Government of Kyrgyzstan say.
The Ministry of Finance of Kyrgyzstan was instructed to liquidate the holding and create a liquidation commission, which should carry out all activities to liquidate the holding company within two months.
Kumtor was one of the largest foreign investment projects in Kyrgyzstan. Canadian Centerra Gold Inc. owned and operated the mine through its subsidiary Kumtor Gold Company under a 2009 agreement with the Government of Kyrgyzstan. In May 2021, the Kyrgyz authorities filed more than $3 billion in financial claims against the company for violating environmental laws, transferred the mine under their control, pointing to environmental risks and tax claims, and introduced external management at the mine, headed by Tengiz Bolturuk, who had a dual citizenship - Kyrgyzstan and Canada.
In February 2022, Bolturuk replaced the national holding "Heritage of the Great Nomads", created by the government of Kyrgyzstan in December 2021. In August, Bolturuk was fired on charges of corruption violations, and in September 2022 he was detained.
Centerra tried to contest the loss of the mine, but the case eventually ended in a settlement in July 2022.
Kumtor is one of the largest gold mines in Central Asia. It is located in the Issyk-Kul region in the north of Kyrgyzstan, 60 km from the border with China at an altitude of more than 4 thousand meters.
On average, 15-17 tons of gold was mined annually at the Kumtor mine. In 2022, almost 19 tons were mined.
CentralasianLIGHT.org
February 22, 2023