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:
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
In regards to the recent press statement of the Ar-Namys faction in KR Jogorku Kenesh, the Company states the following regarding the restructuring of Kumtor Gold Company (KGC).
The official opening of a renovated gym took place at the Sadyk Sadykov higher school in the village of Saruu, Jety-Oguz district Issyk-Kul province, on February 28, 2014. The kids’ joy was shared also by hundreds of village residents, local officials and representatives of Kumtor Company.
While addressing the Kyrgyz Parliament on February 20, 2014, Mr. Muhammedkaly Abulgaziyev, the Head of the KR Social Fund, stated that the Fund insists that Kumtor expat employees are required to make social security payments.
The Company wishes to respond to certain public comments made by the leader of the Ar-Namys faction and statements in the media