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Low-grade ore will be mined at Kumtor for two years - Ministry of Economy

Low-grade ore will be mined at Kumtor for about two years, so the base scenario for Kyrgyzstan’s economic growth of 6.2 percent was chosen, rather than the most optimistic forecast of 8.4 percent. The Minister of Economy and Commerce of Kyrgyzstan Daniyar Amangeldiev said.

According to him, the ministry has prepared several scenarios for economic growth, which were presented to the country’s leadership. They included an optimistic economic growth forecast of 8.4 percent, a moderate growth forecast of 7.2 percent and a base scenario of 6.2 percent.

After a thorough analysis, it was decided to choose the base development scenario of 6.2 percent. According to him, this decision was made taking into account that production volumes at Kumtor this year will increase based on last year’s low base. In the first quarter of 2023, virtually no ore was mined at the mine.

«Now Kumtor is on its trajectory. The volume of ore processed has not decreased. But low-grade ore is being mined now, and we predict that this will continue for two more years. The mine will reach its design capacity somewhere in the middle of 2025. The indicators were calculated taking into account the fact that we have risks in meeting the forecast indicators,» Amangeldiev said.

Therefore, according to the minister, an economic growth forecast of 6.2 percent by the end of the year was chosen.