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Kumtor announces profit of $302.4 million at year-end 2023

Net profit of Kumtor Gold Company CJSC for last year amounted to $302.4 million with the plan of $194 million. The company’s website says.

Revenue of Kumtor Gold Company from production activities in 2023 amounted to $849 million with the plan of $734.2 million.

Last year the company sold a total of 13,577 kilograms of gold.

At least 17,241,071 billion soms were paid in the form of taxes and other payments to the republican budget.

«In 2023, the volume of capital investments of Kumtor Gold Company amounted to $111.5 million compared to $186.1 million in 2022. Two new ultra-fine extraction tower mills and additional leach tanks have been commissioned at Kumtor mine. This will allow extraction of 7,000 — 12,000 ounces of gold per year additionally. 93 units of special equipment were purchased. A plant for processing and recovery of tires in Tokmak was launched in test mode last year. Development of Togolok gold deposit with a gold reserve of more than 17 tons has begun,» the report says.

Thanks to the optimization of the work process and modernization of equipment during mining operations in 2023, more than $30 million was saved.

At least $8.3 million was transferred for the development of Issyk-Kul region, $5,033 million — to the development fund of Naryn region Tenir-Too, the Partnership Development Fund for the Development of Regions — $1,597 million, the Fund for Development of Nature — $1,542 million.

There is no full report on the results of the company’s production activities on its official website.