Kyrgyzstan's Kumtor mine could produce nearly 8% less gold in 2024

Kumtor Gold Company (KGC) plans to mine 12.5 tonnes of gold at the Kumtor deposit in Kyrgyzstan in 2024, its press service said. This would be 7.9% less than the 13.567 tonnes the mine produced in 2023.

KGC said drops in planned production were not infrequent due to the low gold content of the commercial ore. "There have been cases when the volume of gold mined was less than targeted due to the low grades," it said.

Planned gold sales are also 12.5 tonnes this year.

KGC sold 13.577 tonnes of a planned 14 tonnes of gold in 2023. Specialists say the mine will continue to yield low-grade ore for a while. It will then gradually ramp up output to 17-18 tonnes annually given various projects to mine deep-lying ores and recover gold from tailings.

KGC's sales revenue was $849 million in 2023, above a planned $734.2 million, and net profit was $302.4 million, above a planned $194 million. Dividends of $151.3 million were paid last year.

Kumtor is one of the largest gold mines in Central Asia, located in the Issyk-Kul region in the north of Kyrgyzstan, 60 km from the border with China at an altitude of more than 4,000 meters.

Kumtor was one of the largest foreign investment projects in Kyrgyzstan. The mine was owned by the Canadian company Centerra Gold Inc., which operated it through its subsidiary Kumtor Gold Company under a 2009 agreement with the government.

Source: https://interfax.com/