Kyrgyzstan lost $150 mln in 2 years on Kumtor fees

Date: 11:02, 03-11-2014.

Almaty. November 3. KazTAG - Kyrgyzstan has lost $150 mln in the past two years due to delaying of creation of "Kumptor" JV, reports the KyrTAG news agency.
"Kumtor issue is a big problem, we lost $90 mln last year and $60 mln this year due to absence of a joint venture," said Temir Sariyev, Minister of Economy of Kyrgyzstan.
Another problem was the shares of Kyrgyzstan in Centerra Gold Inc.
The Minister criticized the local authorities for weak explanatory work with the population.
"The Arabic states have developed due to oil, we have Kumtor, Dzheruy, many other deposits, but all of them have problems, only 1-2 of them are working. Meanwhile, small groups of 5-10 people decide the destiny of the districts and regions who oppose the development of the fields," he added.
Kumtor field is located in Issyk-Kul region 350 km from Bishkek. Gold stocks are estimated to 700 tons.

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