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More than 17.5 tons of gold produced at Kumtor in 2017

Gold production at the Kumtor mine in 2017 was 562,749 ounces or 17,503.46 kg. Public Realtions Department of Kumtor Gold Company reported.

Gold sales in 2017 were 550,134 ounces or 17,111.09 kg with a revenue totaling $685.2 million.

Kumtor’s Impact on the macroeconomic performance of the Kyrgyz Republic

According to preliminary reports of the KR National Statistics Committee,

  • Kumtor’s share in KR GDP in 2017 was 9.7%;
  • Kumtor’s share in the aggregate industrial output was 21.1%.

Payments within the Kyrgyz Republic

Contributions made within the Kyrgyz Republic in 2017 (including taxes, refining, domestic suppliers, infrastructure, charities, etc.) have exceeded US $269.731 million.

In all, contributions made within the Kyrgyz Republic between 1994 and 2017 have exceeded US $3,472 billion.

Outlook for 2018

Kumtor’s 2018 gold production forecast is expected to be in the range of 450,000 to 500,000 ounces with about 45% of the gold production expected in the fourth quarter.

In 2018, Kumtor’s all-in sustaining cost on a by-product basis is expected to be in the range of $733 to $815 per ounce sold.

At Kumtor, 2018 total capital expenditures, excluding capitalized stripping, are forecast to be $63 million. Spending on sustaining capital of $49 million relates primarily to major overhauls and replacements of the heavy duty mine equipment ($42 million).

Growth capital investment at Kumtor for 2018 is forecast at $14 million primarily related to tailings dam construction ($9 million).

The cash component of capitalized stripping costs related to the development of the open pit is expected to be $122 million of the $168 million total capitalized stripping estimated in 2018.

CEO commentary

Scott Perry, President and Chief Executive Officer of Centerra Gold stated, «I am pleased to report that Centerra met its overall gold production guidance producing 785,316 ounces at an all-in sustaining cost on a by-product basis of $688 per ounce sold, beating the low-end of our all-in-sustaining cost guidance for the year.»

Kumtor had another strong year exceeding its revised production guidance and beating its all-in-sustaining cost guidance, delivering 562,749 ounces of gold production at all-in-sustaining cost on a by-product basis of $698 per ounce sold in 2017.

Scott Perry