Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan Bakyt Torobaev laid a capsule for the construction of an enterprise for the production of weighted gold bars on the basis of a branch of the refinery of Kyrgyzaltyn OJSC in Kara-Balta city, Chui region. The press service of the Cabinet of Ministers reported.
The sale of gold bullion bars in Kyrgyzstan began in 2015. Kyrgyzaltyn OJSC produced only the heaviest ones — 100 grams. It was not possible to produce smaller ingots; the necessary technological equipment was missing. Therefore, bars weighing 1, 2, 3, 5, 10 grams and 1 ounce were brought from Kazakhstan.
President Sadyr Japarov ordered to solve the problem and create own enterprise to produce small-weight gold bars. The capsule for the construction of such a plant was laid by Bakyt Torobaev.
In addition, coins, souvenir coins, medals, and orders of various sizes will be produced.
It is planned to use advanced modern technologies from Italy and Germany to produce the gold bars. Commissioning of the enterprise for the production of weighted gold bars with a total area of 1,500 square meters is planned for the first quarter of 2024. Construction of the building will be financed at the expense of Kyrgyzaltyn OJSC’s own funds.
The President of the Board of the Association of Miners and Geologists of the Kyrgyz Republic Duishenbek Kamchybekov told 24.kg news agency that the construction of such an enterprise is an important step to popularize the purchase of gold.
«The issue of producing gold bars weighing from 1 gram to 1 ounce in Kyrgyzstan has been discussed for a long time. To buy and import bullions into the country, you need to obtain permits. This causes difficulties. If we produce them ourselves, we will be able to work with local entrepreneurs, produce ingots in large volumes and sell them at the exchange price,» he said.
The expert is sure that the production of bullions in the country from domestic gold will encourage the population and investors to purchase them.
The head of the Association of Miners and Geologists of the Kyrgyz Republic also drew attention to the fact that Kyrgyzaltyn state enterprise began to invest the money it earned in its development.
«Previously, all the profits and dividends received by Kyrgyzaltyn OJSC from Kumtor were taken by the State Property Management Fund and transferred to the budget. Today the enterprise is given the opportunity to build, expand, and create new jobs,» he concluded.
