Kyrgyzaltyn Acquires Kara-Balta Mining Plant
Kyrgyzaltyn Takes Full Control of Former Kara-Balta Mining Plant Assets
In a recent report for 2024 published in the Erkin-Too newspaper, it was announced that the state-owned company Kyrgyzaltyn has acquired full control of the assets of the former Kara-Balta Mining Plant. The main decision made was the purchase of 100 percent of the share in Kara-Balta Mining Company LLC, which was established based on the restructured assets of the Kara-Balta Mining Plant.
The transaction, which amounted to 322.9 million soms, solidifies Kyrgyzaltyn’s position in managing large property complexes. They have now received over 750 hectares of land, including tailings dumps and a sanitary protection zone, for free use for the next 49 years. Additionally, 31 hectares of land, buildings, and equipment have been transferred by the Ministry of Finance for free use for the next 15 years.
Furthermore, Kyrgyzaltyn has taken possession of assets of the Kara-Balta Mining Plant located in Kara-Balta, valued at 234 million soms. These assets were previously pledged to Keremet Bank, with an option to buy them out within the next three years. The total value of the assets received by Kyrgyzaltyn amounts to 393.2 million soms.
To manage these assets efficiently, Kyrgyzaltyn has transferred them to the trust management of its subsidiary, Kara-Balta Mining Company LLC. This move aims to streamline operations and maximize the potential of the acquired assets for the benefit of the company and the mining industry as a whole.
