Regardless of the outcome of negotiations on a settlement agreement with the Canadian company Centerra Gold Inc., Kyrgyzstan will be with a gain. Kanat Kurmanov, Executive Director of Kumtor Gold Company, told journalists.
«As you know, Kumtor Gold Company is valued on the London Stock Exchange at around $3 billion. If you look at the dividends that Kyrgyzstan annually receives from 26 percent of the assets of Centerra Gold Inc., then this is only $2,200 million, that is, about $84 million for the entire period of work,» he recalled.
Kanat Kurmanov also noted that the company intends to carry out geological exploration this year in order to increase the amount of gold produced.
«The gold reserve is projected for 10 years of operation. 128,000 linear meters will be drilled in the nearest areas this year. The amount of gold reserves will increase several times, plus we have 100 tons of gold in the tailings, which we also plan to process in the future,» he explained.
According to the specialist, annually, without taking into account the existing capital assets, Kumtor Gold Company can bring the budget of Kyrgyzstan from $200 to $400 million.
On January 2, the President Sadyr Japarov visited the Kumtor gold mine and got acquainted with the activities of Kumtor Gold Company JSC (KGC). He stated that progress had been made in the negotiation process with the Canadian company and discussion of a settlement agreement was nearing completion. The Canadian company also made a statement, outlining its terms of the agreement. Among them, in particular, is the transfer of the stake in the company owned by Kyrgyzstan to Centerra.
