Outlook for 2014
● Gold production in 2014 is expected to be approximately 550,000 to 600,000 ounces or 17.1 to 18.7 tonnes.
● Approximately 50% of gold production is expected to occur in the fourth quarter.
● The projected capital expenditures, excluding capitalized stripping, are estimated to be $85 million.
● Capitalized stripping costs in the Central Pit are expected to be approximately $191 million.
Michael Fischer, President of KOC and KGC, stated, “We are delighted to state that despite all the problems, the 2013 gold production guidance was achieved. In 2014, the planned mining sequence at Kumtor will be very much the same as it was in 2013 with approximately 50% of Kumtor’s gold production occurring in the fourth quarter. Nevertheless, we should maintain the current high pace of work, and I am certain that we’ll achieve successfully the planned gold production guidance of 550,000 to 600,000 ounces.”
Video about Kumtor:
Kyrgyz Agro-Input Enterprise Development Project with Support of Kumtor Company Will Rehabilitate 1 500 Hectares of Land in Issyk-Kul Oblast
Kumtor Company and Kyrgyz Agro-Input Enterprise Development (KAED) Project, implemented by International Fertilizer Development Center (IFDC), launched a joint project on rehabilitation of two sites with a total acreage of 1,500 hectares
Kumtor Company has contributed US $75,000 to the Karakol Zoo in sponsorships for 2014. The money is supposed to be used to build the fence, and the Zoo’s administration has started buying building materials.
Issyk-Kul farmers have received training in the basics of glass culture growing techniques under the Karagat + project currently implemented by AVEP with the support of Kumtor company.
Social projects continue in the Issyk-Kul region under the Issyk-Kul Youth Banks Program currently implemented by Eurasia Foundation of Central Asia (EFCA) with the support of Kumtor Company
Kumtor Gold Company (“KGC”) wishes to respond to recent media reports regarding the opening of a criminal investigation by the General Prosecutor’s Office in relation to the payment of a dividend by KGC.
Basic Operating and Financial Results