Kyrgyzstan ups Kumtor Gold reserves by 58% to 9.7 million ounces
BISHKEK(BullionStreet): Former soviet state Kyrgyzstan said it's Kumtor gold mine carries 58 percent more reserves than earlier estimated.
Kumtor's probable mineral reserves are now estimated at a total 9.7 million ounces of gold.
The finding will help the tiny economy of the country to move forward which has floundered in recent years, analysts said.
Kumtor, devoloped by Canada's Centerra Gold, accounts for nearly 12 percent of Kyrgyzstan's economy.
Centerra said the increase in reserves and mine life will provide significant tax revenue to the Kyrgyz Republic of approximately $1.5 billion based on a gold price of $1,350.
The company said the end-date for open-pit mining will be extended five years, to 2023.
Kumtor has come under significant public pressure in Kyrgyzstan amid claims that it is major source of pollution and that Centerra Gold has used accounting tricks to reduce its tax liabilities.
Centerra denies all allegations of financial wrongdoing and says the new projections for the mine's future will prove beneficial to Kyrgyzstan.
The company warned, however, that its optimistic forecast could be undone by persisting political unrest in Kyrgyzstan or any major revisions to the concession agreement.
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