Kumtor Mines Low-Grade Gold Ore: A Report
Experts predict that low-grade gold ore mining at the Kumtor mine will continue for some time, according to a report by Kumtor Gold Company CJSC. The company stated that a decrease in planned gold mining figures is not unusual, as it is attributed to the low gold content in the commercial ore being mined at the site.
The report highlighted past instances at the mine where the volume of gold extracted fell short of the established plan due to the low gold content in the ore. For example, in 2002, only 16,439 kilograms of gold were produced out of a planned 20,860 kilograms. Similar shortfalls were also observed in 2006 and 2012.
In 2023, Kumtor Gold Company sold 13,577 kilograms of gold against a target of 14 tons. However, specialists anticipate a gradual increase in gold extraction in the future, with estimates reaching 17-18 tons, factoring in underground gold ore mining projects and processing of spent ore from the tailings dump. In 2024, Kyrgyzaltyn OJSC plans to extract and sell 12.5 tons of gold.
The company stressed that all relevant information about the enterprise is available on its official website, and production results are published annually in Kyrgyz, Russian, and English languages. In terms of financial performance, Kumtor Gold Company reported revenue of $849 million in 2023, surpassing the planned $734.2 million. Net profit for the year amounted to $302.4 million, exceeding the target of $194 million. Additionally, the company contributed 17,241,071 billion soms to the republican budget in taxes and other payments, and paid dividends of $151.3 million.
Overall, while challenges persist with low-grade gold ore mining at Kumtor, the company remains optimistic about future growth prospects and continues to uphold transparency in its operations and financial reporting.
