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External manager of Kumtor tells about money for operation of mine

«We have money for operational activities of Kumtor mine,» external manager of the company Tengiz Bolturuk said at a press conference today.

According to him, financial issues require special attention. All accounts of Kumtor Gold Company are blocked and are located outside Kyrgyzstan. There is a meager amount on the accounts that are in commercial banks of Kyrgyzstan, which will not be enough for operating activities.

«The National Bank will buy all the gold from Kumtor from now on. We conclude a trilateral agreement. The bank has enough funds to buy the annual volume of gold. In addition, the dividends of Kyrgyzaltyn from previous years will be transferred to us. That’s about $ 20 million. The mine is working, gold is being produced. We already sold the first batch of gold for about $ 29 million yesterday. These funds will be transferred to our accounts in the near future. In addition, we are negotiating with the Ministry of Economy and Finance over a revolving loan,» Tengiz Bolturuk said.

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