Kumtor mine is the largest industrial enterprise in the Kyrgyz Republic, one of the largest gold mines in the world.

The mine was developed by the Canadian Centerra God Inc. through its subsidiary Kumtor Gold Company, only 26% of which belonged to the Kyrgyz Republic.

In 2021, the Kyrgyz government introduced external management of the gold deposit to develop it independently and receive all profits from the sales. Therefore, according to the agreement reached between the Kyrgyz Government and the Centerra God Inc. in April 2022, all profits made at the gold mine since May 15, 2021 will be retained by the Kyrgyz Government which is more than 323 million US dollars. In addition, Centerra will make a net payment of 11 million US dollars  in dividends for the three quarters of the last year. Another 50 million US dollars will be transferred as a one-time payment by Centerra to the Kyrgyz side.

Furthermore, the Kyrgyz Government is regaining control over the reclamation fund for the Kumtor mine which is valued at around 53 million US dollars. For its part, Kyrgyzaltyn state corporation that will own Kumtor mining site transfers its 26% stake to Centerra. At the same time, Centerra covers all tax payments under Canadian law related to the transfer of rights to the specified block of shares.

According to experts, in the next 10 years 5 billion US dollars will be received as profit from Kumtor and around  160-200 tons of gold is expected to be mined.

“This is a direct benefit and a big support for the budget”, said the President of the Kyrgyz Republic Sadyr Japarov.