Kumtor Gold Company reported the amount of gold produced for 2025, its production costs, and other aspects of its production and financial performance.
This is the company’s response to claims that production at Kumtor mine has declined and the cost of gold mined has increased.
According to Kumtor Gold Company, the increase in the cost of gold mined is due to geopolitical events occurring worldwide in recent years. These events have led to price increases:
- fuel and lubricant prices have increased by 50 percent;
- reagents and chemicals by 70 percent;
- complicated logistics have led to a 106.4 percent increase in transportation costs;
- the cost of spare parts for heavy mining and auxiliary equipment has increased by 30 percent.
Furthermore, the cost of electricity supplied to the mine has increased by 92 percent in recent years.
According to the company, taking into account all the above factors, the cost of gold in 2025, including all expenses, taxes, and other deductions, was $1,884 per ounce.
A total of 388,418 ounces, or 12,081 kilograms, of gold were produced last year.
«The minimum sales price of gold at the beginning of 2025 was $2,882.7, and the maximum was $4,612.95 at the end of the year. The average sales price was $3,711,» Kumtor Gold Company reported.
The company’s revenue for 2025 was $1,434.6 million, net profit was $706,081 million, and $246,507 million was paid in taxes and other payments.
Kumtor’s former interim manager, Tengiz Bolturuk, previously wrote on social media that the cost of an ounce of gold, which stood at $1,152 in 2022, had now reached $3,000. He also stated that the company’s net profit did not exceed $350 million, despite rising gold prices.
However, official data from Kumtor Gold Company does not deny the rising cost of gold, but it does prove that the figures cited by the former manager are completely inaccurate: he nearly doubled the cost of gold production and underestimated Kumtor Gold Company’s profit by half.
