MINING REFINING

Kyrgyzstan's mines set for growth amid rising gold prices, says Cabinet of Ministers

Thu July 18 2024

The rising of gold global prices is creating favorable conditions for developing Kyrgyzstan’s gold mines, Akylbek Japarov, Chairman of the Cabinet of Ministers of Kyrgyzstan, said during a meeting of the collegium of the Ministry of Economy and Commerce of Kyrgyzstan, Trend reports. "The price of gold has set another world record, reaching $2,480 per troy ounce. A positive environment is developing for the exploitation of many of our gold deposits, which previously were not highly profitable," Japarov said.

The chairman emphasized that the price of gold has increased by more than 21 percent since the beginning of the year, with international analysts predicting further demand growth. "The most important aspect is that the rise in gold prices will help mitigate the impact of reduced physical production at Kumtor gold mine. We must accelerate the launch of new industrial capacities, boost capital investments, and actively utilize incoming foreign investments in both large international and medium joint projects," Japarov added.

He also mentioned that a set of measures to stimulate economic growth would be developed within the next two weeks. According to the National Statistical Committee of Kyrgyzstan, the country exported 4.2 tons of gold from January through May 2024, which is a 40 percent increase compared to the same period in 2023, when 3 tons were exported.

Source: https://en.trend.az/