Revenues of Kumtor, the largest gold mining enterprise of Kyrgyzstan, after its transfer under the state management amounted to $1,174 billion in net profit. The Chairman of the Board of the Association of Miners and Geologists of the Kyrgyz Republic Duishenbek Kamchybekov said in an interview with ELTR TV channel.
The expert recalled that the foreign company for more than 20 years of operation extracted 400 tons of gold, the total revenue from which amounted to $14 billion. Kyrgyzstan received only 30-35 percent of these funds, which were used to pay operating costs, salaries, social benefits and electricity payments.
«After Kumtor was transferred to the state, about 40 tons of gold were mined until October 1, 2024. The state received $1,174 billion net profit. The main thing here is that regardless of the volume of extraction, all the profit received remains in Kyrgyzstan and used for the development of the country,» Kamchybekov noted.
In August 2022, Kyrgyzstan completed the process of transferring Kumtor gold mine to state ownership.
