Outlook for 2013
● In 2013 is expected to produce between 550,000 and 600,000 ounces.
● Approximately 58% of gold production is expected to occur in the fourth quarter.
● Еxploration expenditures concession are expected to be about $13.5 million.
● Total capital expenditures, excluding capitalized stripping, are forecast to be $90 millionl.
● Growth capital investment is forecast at $22 million.
● Capitalized stripping cash costs are expected to be $203 million in 2013.
Michael Fischer, President of KOC and KGC, stated, “We are happy to have accessed the high-grade ore in the open pit mine as planned. We are also relieved that the abnormal movement of the Central Valley Waste Dump (CVWD), which began in mid-March 2013, has slowed to normal levels in the third quarter of 2013. This makes us confident that we will achieve our budgeted production levels in the fourth quarter of 2013, to enable us to meet our production guidance for the full 2013 year.”
Video about Kumtor:
Later this December Jogorku Kenesh is expected to adopt yet another earthshaking decision with regard to Kumtor
Today, 28th of November 2013 at 12:30 pm, anonymous people stopped company vehicle with 17 employees directing to Kumtor site. People armed with fire guns on motor vehicles followed company car from Saruu village to Chychkan village
The Government is preparing a new agreement on Kumtor… It is hard to say whether the Canadian party approves this document or not. Centerra Gold is not going to cede more than 50%. But the Parliament still holds its ground – not less than 67%… the Government should take drastic measures, which mean denunciation or nationalization of Kumtor. However, in this case the Republic will face protracted litigations, and the country’s President urges deputies to make a rational decision on the budget-making enterprise of Kyrgyzstan. … The international proceeding at the suit of Kazakhstani company Visor will start in the Netherlands in a couple of weeks. Kyrgyzstan will be the respondent party. The amount of claim is $400 million. Canadian Stans Energy company is also trying to win back its losses. The amount of claim exceeds $100 million for the expropriation of Kutessay-2 deposit. These precedents are not the first and isolated cases when investors protect their rights in the international courts of arbitration. And, alas, Kyrgyzstan is not always successful. All difficulties and consequences of high-profile litigations, in particular, possible arbitration proceeding at the suit of Centerra, have made the head of the state anxious. Following the results of [...]
One should just learn a bit more about the activities of Kumtor to find out that much of today’s controversy surrounding Kyrgyzstan’s largest mine is essentially groundless.
Considering the importance of the continued efforts aimed at supporting rural population, the Government of the Kyrgyz Republic, as part of Kumtor Gold Company’s sponsorship optimization program, has selected Ayil Bank JSC as an agent entrusted to extend easy microloans to rural population through a special lending product, Kumtor-Chakan. The said decision is based on Ayil Bank’s years of experience in loan provision for village residents and taken with due account for the Bank’s wide regional network, which makes it possible to provide as many loans and other banking services countrywide as possible. Kumtor Gold Company’s sponsorship which is to be transferred by Ala-Too Finance Microcredit Agency to Ayil Bank JSC is estimated at approximately 808 mln soms. A further 70 mln soms in the existing loan portfolio of the regional microcredit agencies is supposed to be transferred at a later date. Upon receiving the full amount of assets (as cash and loan portfolio), the Bank is planning to use Kumtor Gold Company’s contribution for extending easy loans, approximately 100 mln soms per month. In other words, the loans are supposed to be extended to 2,000 to 3,000 people every month. Thus, all the funds received will be allocated within [...]
No illegal removal of equipment from the Kumtor Mine Site has taken place, at any time in the past or the present
In response to statements made by various parliamentarians alleging illegal removal of equipment from the Kumtor Mine Site, the Company in particular would like to note that no illegal removal of equipment from the Kumtor Mine Site has taken place, at any time in the past or the present.