Despite the fact that the Kumtor gold deposit was discovered in 1978 and the feasibility study was drafted by GINALMAZZOLOTO of the Chief Directorate of Precious Metals and

Diamonds of the USSR Council of Ministers in 1989, the development of the mine was delayed as the project was seen as being too costly:

995.4 million Soviet rubles (an approximate equivalent of 1.46 billion USD as it stood in those days).

It was not until after Kyrgyzstan gained independence that it found itself in a position to attract western investment to start developing its own mineral resources. After thoroughly examining several investment offers, the Government of the Kyrgyz Republic

favored those made by Canadian Cameco Corporation, one of the world’s largest uranium producers. On December 4, 1992, in Toronto the sides signed the Kumtor Master Agreement.

History

1978

A geophysical expedition of the Kyrgyz State Geological Committee discovers the Kumtor deposit.

1989

The USSR Geology Ministry publishes the results of the detailed exploration of the Kumtor deposit.

1992

Cameco geologists travel to the CIS in search of promising deposits.

1992

The Government of Kyrgyzstan and Cameco Corporation sign Master Agreement forming the Kumtor Gold Project.

1993

Kumtor Operating Company is formed as the project operator.

1994

The feasibility study finalized. Construction at Kumtor began.

1995

Initial financial package necessary for getting credits is completed and approved.

1996

The gold mill inauguration was held.

1997

Commercial gold production began.

1998

A million ounces of gold produced.

2002

Gold production at Kumtor exceeded 100 tonnes (3.2 million ounces).

2004

Project restructuring. Centerra Gold Inc. was formed. The Investment Agreement came into effect (June 22, 2004).

2005

Based on exploration results, the Kumtor mine-life extended till 2013.

2006

95 million USD invested in the Kumtor modernization program.

2009

Parliament of the Kyrgyz Republic signed and ratified the Agreement on New Terms for the Kumtor Project.

2010

196,7 million USD was invested in capital expenditures.

2012

Largest investments in the development of production – 370 million USD.

2012

Based on exploration results, the Kumtor mine-life extended till 2023, and milling operations to conclude in 2026.

2014

Transfer of operations activities from Kumtor Operating Company to Kumtor Gold Company.