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New holding company Heritage of Great Nomads established in Kyrgyzstan

National holding company Heritage of the Great Nomads JSC with 100 percent participation of the state in its authorized capital was established in Kyrgyzstan. The decision was signed by the Chairman of the Cabinet of Ministers Akylbek Japarov.

The decision was made to fulfill the decree of the President on «Issues of Reforming the Mining Industry of Kyrgyzstan» dated January 29, 2021. One of the main purposes of establishment of the new holding company is to create a large integrated structure capable of maximum concentration of available state resources for implementation of projects in the sphere of subsoil use and allied sectors of economy with application of international experience.

The founder of the national holding company is the Ministry of Finance.

The authorized capital of the company is set at 100 million soms. The Cabinet intends to increase it to 1 billion soms within 2022.

An international conference MINEX Eurasia 2021 was held in London at the end of November. Kumtor’s external manager, Tengiz Bolturuk, was one of the speakers. He was listed as the head of Heritage of the Great Nomads holding company on the website of the event.