Preliminary Outlook for 2015
● Gold production in 2015 is expected to be between 470,000 and 520,000 ounces, or 14.6 and 16.2 tonnes.
● 2015 total capital expenditures, excluding capitalized stripping, are forecast to be $75 million.
● Growth capital investment for 2015 is forecast at $26 million.
● Capitalized stripping costs in the Central Pit are expected to be approximately $185 million.
Effective January 20, 2015, Daniel Desjardins is appointed as KGC President to replace Michael Fischer.
Daniel Desjardins has a Bachelor of Commerce (Financial Accounting) from Mount Allison University in Canada, a Master of Science (mineral economics) and an MBA from Curtin University of Technology in Australia, and is a Chartered Public Accountant (CPA, CGA) of Ontario.
Video about Kumtor:
The national conference “Youth Involvement in the Community Development Process” was held in Bishkek on February 25, 2015. The event was organized as part of the “YouthBanks in Issyk-Kul Oblast” Project, implemented by Eurasia Foundation of Central Asia (EFCA) with the financial support of Kumtor.
Centerra Gold Inc. and Kumtor Gold Company updated the Kumtor reserves and resources as of December 31, 2014. During 2014, gold production at the Kumtor mine was 567,693 ounces¹ or 17,657.2 kg of gold for the full year. The Kumtor mine met its annual gold production guidance as it accessed the high-grade SB Zone, which the Company is continuing to mine in the first quarter of 2015.
Kumtor Gold Company reports that the gold mill at the Kumtor mine site will suspend ore processing on February 23, 2015, to carry out planned major maintenance and equipment upgrades. Operations are expected to resume at full capacity by March 13, 2015.
The Kyrgyz Republic is rich in gold and other minerals. And so the mining industry is one of the biggest parts of the country’s economy, responsible for about 16 percent of the total GDP and 40 percent of its export earnings.
Kumtor Gold Company provided twenty-two trucks of firewood in the framework of annual drive to help villagers of Jety-Oguz and Ton districts of Issyk-Kul region during the heating season.
At present day a share of Kumtor in the total volume of industry production represents more than 24 percent. As tax agency reports, the largest industrial company of the country Kumtor provides both about 50 percent of total industry products export of the state and timely payment of all necessary taxes. Besides, tax agency representatives noted that in comparison to year 2013, amount of tax payments from gold mining company has even increased.