The 10th International Mining and Exploration Forum “MINEX Central Asia — 2024” recently took place in Bishkek, Kyrgyzstan. The event saw participation from mining companies across Europe, China, Central Asia, North America, and the Middle East.
The Kumtor gold mine, successfully developed by the Kyrgyz side, was the center of attention for most attendees. Kumtor Gold Company President Almazbek Baryktabasov announced from the forum stage that the mine generated $1 billion 835 million in revenue from gold sales in 2022-2023.
In addition to the impressive figures, the visit to the Kumtor gold mining site left a lasting impression on participants and guests. The professionals in attendance had the opportunity to witness the production process and evaluate the technologies and innovations used at the facility.
Kumtor Gold Company President Almazbek Baryktabasov highlighted the automation of the fuel and lubricant accounting system and cost optimization, which saved $17 million. He also mentioned that two new tower mills and more modern leaching tanks were commissioned last year, allowing for the extraction of an additional 12,000 ounces of gold per year.
Ilya Pike, a representative of the English geopolitical risk consulting firm Goliath Advisory, emphasized the social focus of Kumtor Gold Company. “Safety is the top priority, and there is excellent support for those working here. Equipment is used very efficiently,” he noted.
Kumtor Gold Company not only cares for its employees but also contributes to the development of the Issyk-Kul region and local communities through various projects. The company is also committed to environmental protection, with projects for processing tailings and extracting gold from used mining materials in the works.
These initiatives will have both environmental and economic benefits. Kumtor Gold Company plans to extract additional gold from used mining materials stored in the mine’s tailings, which could yield 55-65% of the remaining gold reserves. This would result in the extraction of more than half of the total 120-ton gold reserve.
This year, in Bishkek, Kumtor Gold Company discussed partnership prospects with industry giants such as Boston Consulting Group, FLSmidth, and Metso during the event. The company signed a cooperation agreement with Finnish firm Metso to promote Kumtor as a responsible gold mining platform in Kyrgyzstan. The agreement aims to create conditions for collaboration on strategic projects and the development of the metallurgical industry in Kyrgyzstan.
Boston Consulting Group specializes in management consulting and is part of the “big three” alongside McKinsey and Bain&Company. FLSmidth is a Copenhagen-based company that develops technologies and manufactures equipment for the mining industry. Metso is a Finnish machine-building conglomerate that leads the world in sustainable development technologies, comprehensive solutions, and services in the mining and mineral processing industries.
The very fact that Kumtor Gold Company is engaging in such negotiations demonstrates its reputation as a serious and reliable partner with reasonable goals and promising prospects for the future.
Source: 24.kg
