Page 32 - Bullion World Volume 4 Issue 3 March 2024

Bullion World | Volume 4 | Issue 3 | March 2024
Bullion World | Volume 4 | Issue 3 | March 2024

Central Asia's Gold Impact:

Uzbekistan, Kazakhstan, Kyrgyzstan

Introduction: 2023, marking a substantial 2.1-fold increase over the
Nestled within the heart of Central Asia, Uzbekistan corresponding period in 2022. Gold now constitutes a
emerges as a formidable force in the global arena of gold significant 37.7% share of Uzbekistan's total exports,
production, consistently securing a position among the with primary destinations including Switzerland, the
top ten gold-producing nations. The year 2022 unfolded United Kingdom, Singapore, the United Arab Emirates,
as a testament to Uzbekistan's enduring prominence, and China—nations pivotal in facilitating Uzbekistan's
witnessing a robust gold output reaching an estimated flourishing gold trade and underscoring the global
100 metric tons. What sets Uzbekistan apart is not demand for this precious metal.
merely the scale of its production but the remarkable
stability maintained over the past decade, with Central Asia's Gold Landscape: Kazakhstan and
fluctuations constrained within the range of 90 to 104 Kyrgyzstan
metric tons. This steadfast performance finds its roots Shifting our gaze to Kazakhstan, another powerhouse
in the nation's geological wealth, encapsulated in the in Central Asia's gold mining domain, emerges as the
presence of 63 large-scale gold mining fields, collectively world's thirteenth-largest producer of gold. The year
housing an extensive treasure trove of gold. 2022 witnessed Kazakhstan's impressive performance,
contributing an estimated 120 metric tons to the
At the pinnacle of Uzbekistan's gold mining landscape global gold supply, marking a notable 2% increase
stands the Muruntau gold mine, a monumental open-pit from the preceding year. The gold mining landscape in
marvel situated amidst the expansive Qizilqum Desert. Kazakhstan is characterized by a diverse mix of small-
This colossal mining endeavour spans an awe-inspiring scale (up to 25 tonnes) and medium-scale (25-100
3.5 by 2.5 kilometres, delving into the earth's depths tonnes) fields.
to an astounding 560 meters. Housing gold reserves
surpassing an impressive 4687.5 tons, the Muruntau The Altyntau Kokshetau Mine in Akmola distinguishes
mine extracts 38.5 million tonnes of ore annually, with itself as Kazakhstan's largest gold-producing mine, an
ambitious plans to escalate this figure to an astounding emblem of the nation's mining prowess. Operated by
50 million tonnes per annum by 2026. The extraction Glencore Plc, this mine, with a projected operational
process at Muruntau employs the heap leaching lifespan until 2030, significantly influenced the country's
method, a remarkably efficient technique tailored for 2021 gold production, yielding approximately 389.9
the extraction of gold from low-grade ores. The ore thousand ounces of gold. Leading the charge in
retrieval process involves a steeply inclined conveyor Kazakhstan's gold production are entities such as
system, transporting the material to the surface for Glencore, Polymetal International, and KAZ Minerals.
subsequent crushing and screening—an instrumental Notably, around 70% of Kazakhstan's gold emanates
method in optimizing gold recovery from challenging ore from small and medium-sized fields, indicative of the
compositions. industry's future trajectory, relying on the development
of numerous small-scale mines. The Kazakhaltyn Mining
At the forefront of Uzbekistan's gold production are Concern, operating mines like Aksu, Zholymbek, and
key entities, Almalyk MMC and Navoi MMC. The latter, Bestyube, each boasting around 600 tons of gold, plays
the Navoi Mining and Metallurgical Combine (NMMC), a pivotal role in sustaining Kazakhstan's gold mining
takes centre stage, contributing a substantial 70% to sector.
the country's total gold output. The international market
bears witness to Uzbekistan's prowess, with gold exports Turning our attention to Kyrgyzstan, gold mining stands
reaching $4.11 billion in 2022, a figure that surged to as a cornerstone of the nation's economy. The Kumtor
an impressive $5.64 billion in the initial seven months of Gold Mine, positioned amidst the remote Tian-Shan
mountain range at an elevation of 4000 meters, emerges

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