Bishkek, Jan. 22, 2019. / Kabar /. Kumtor’s gold production forecast is expected to be in the range of 535,000 ounces to 565,000 ounces with approximately 28% of the production expected to be in the fourth quarter of 2019.
Planned exploration expenditures for 2019 are expected to be $11 million, growth capital investment at Kumtor for 2019 is forecast at $14 million which includes capital expenditures for tailings dam construction ($6 million), pit dewatering projects ($2 million) and other projects ($6 million), says on the website of Kumtor Gold Company.
Scott Perry, President and Chief Executive Officer of Centerra stated, “Kumtor had a strong fourth quarter and another solid year in 2018 delivering more than 534,000 ounces of gold production, which exceeded the upper end (510,000 ounces) of its gold production guidance. Gold production at Kumtor is expected to be evenly weighted for the first three quarters of 2019 with the fourth quarter of 2019 representing approximately 28% of the full year’s production forecast.
Centerra expects the Strategic Agreement with the Kyrgyz Government to close in the first quarter of 2019 at which time the remaining payments associated with agreement are expected to be made.
Pursuant to the Restated Investment Agreement, Kumtor’s operations are not subject to corporate income taxes. Instead, the Restated Investment Agreement imposes a tax of 13% on gross revenue (plus 1% for the Issyk-Kul Oblast Development Fund).
2018 Gold production at the Kumtor mine was:
– 534,000 ounces1, or 16,609.27 kg of gold for the full year 2018;
– 228,096 ounces, or approximately 7,098.58 kg, of gold was produced in the fourth quarter of 2018.
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