Kyrgyzstan: Official “Alarmed” by Falling Gold Production
Mar 29, 2012
A decrease in output at Kyrgyzstan’s largest gold mine may do serious harm to the country’s economy, which depends on Kumtor for roughly 12 percent of its GDP and significant tax revenues, say officials.
This week, Toronto-listed Centerra Gold downgraded its production forecast for 2012 by about a third thanks to ice and waste formations that grew in the high-altitude open-pit mine during a workers’ dispute last month, Reuters reports.
Centerra, which is one-third owned by the Kyrgyz government, had expected to produce 575,000 to 625,000 ounces of gold at Kumtor this year. It now hopes for approximately 400,000 ounces.
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