Kyrgyzstan's gold reserves may last for a century, media outlets report, citing the results of recent geological surveys in Kyrgyzstan. Geologists have discovered an additional 147 tons of gold, which have now been officially added to the balance sheet of Kyrgyzstan’s largest gold mining company, Kumtor Gold Company. This was announced by the Minister of Natural Resources, Meder Mashiev, at a press conference in Bishkek.
Mashiev noted that previously undeveloped reserves at Kumtor, which is a key source of revenue for the country's budget, were estimated at 127 tons. After the new survey, the total reserves now amount to 261 tons, according to Inbusiness.kz.
Kumtor Gold Company was nationalized in 2022 after the Canadian firm Centerra Gold exited the project. At that time, industry experts predicted that the mine would cease operations by 2027 due to the depletion of reserves in the main pit. The prospect of investing in new infrastructure at neighboring sites was considered economically unfeasible.
According to official data, Kumtor produced 17.3 tons of gold in 2022, 13.5 tons in 2023, and, according to forecasts, the volume of 12.2 tons in 2024 is quite realistic – figures unseen since 2012, when production fell below 10 tons. At that time, the company attributed this to falling global gold prices and the limited viability of large-scale production.
Currently, the price of gold as a reliable asset has significantly risen, and market experts believe that gold priced above $3,000 per ounce may not be the limit.
Kumtor is the largest high-altitude gold ore deposit in Central Asia, located in the Issyk-Kul region in the northern part of the Kyrgyz Republic.
CentralasianLIGHT.org
April 8, 2025