Kumtor Gold Company

Stock performance

History

Kumtor Gold Company operates the Kumtor open-pit gold mine, located at about 4,000 meters in the Tian Shan mountains, which was developed by Canada's Cameco and later Centerra Gold and began production in 1997. After years of disputes over environmental and tax issues, the Kyrgyz government took control of the mine in 2021, and a 2022 settlement transferred full ownership to the state company Kyrgyzaltyn.

Business model

Kumtor mines and processes gold ore at its high-altitude site and produces gold doré that is refined and sold.

Market position

Kumtor is by far the largest gold mine in Kyrgyzstan and one of the largest in Central Asia.

Country impact

Kumtor alone has at times accounted for around a tenth of Kyrgyzstan's GDP and a large share of its exports, making it the single most important company in the economy and a constant subject of political debate over resource ownership.