Kumtor Gold’s Stellar Year: Production, Sales, and Contributions to Kyrgyzstan

Kumtor Gold, based in Kyrgyzstan, has announced an exceptional performance for the year 2023, with gold production totaling 15.567 tons. The company managed to sell 15.577 tons of gold, generating substantial revenue of $849 million, significantly higher than the anticipated $734.2 million. This success translated into a net profit of $302.4 million for the company, surpassing the forecasted $194 million.

In terms of contributions to the national budget, Kumtor Gold made substantial payments totaling 17.241 billion soms ($192.787 million), reflecting its strong commitment to supporting Kyrgyzstan's economic development. Despite a reduction in capital investment to $111.5 million from $186.1 million in 2022, the company achieved remarkable cost savings of over $30 million, thanks to streamlined operations and equipment modernization efforts.

Beyond its financial and production achievements, Kumtor Gold Company demonstrated a deep commitment to regional development. The company invested $8.389 million in the Issyk-Kul region's development, $5.033 million towards the Naryn region development fund, and made significant contributions to both the Regional Development Partnership Fund ($1.597 million) and the Nature Development Fund ($1.542 million). These contributions underscore Kumtor Gold's dedication to sustainable development and environmental conservation in Kyrgyzstan.