Kumtor Gold Company Transfers 700,000 USD to support Issyk-Kul Social Development Fund

Jan 21, 2009

Kumtor Gold Company, which is a joint venture between Kyrgyzaltyn and Centerra Gold,  today has transferred 700,000 USD to the account of the Issyk-Kul Social Development Fund upon request of the Government of the Kyrgyz Republic.

The funds that, under the quadripartite agreement signed by the Kyrgyz Government, Kyrgyzaltyn JSC, Centerra Gold Inc. and Kumtor Gold Company on December 7, 2006, were transferred to the Issyk-Kul Social Development Fund are meant to be paid to the residents of a number of Jety-Oguz communities. The said agreement was signed as the result of efforts by the State Commission formed in 2005 with a view to considering requests of community members affected by the 1998 cyanide spill at Barskoon.

This way the Kumtor Gold Company has met all of its commitments under the 2006 instrument. The sum paid to the Jety-Oguz residents in compliance with the said Agreement has totaled 4.4 million USD. 

Currently, 184 investment projects were chosen for further implementation in the Issyk-Kul Region.  These projects include infrastructure, hotels, mining, agriculture and social development. The region has been a continued attraction as a tourist destination averaging over 1 million visitors a year since 2005.  Additionally, the Kyrgyz government has nominated the Issyk-Kul Region’s Development Plan as the best development strategy among other regions.  Currently the most exciting project in development is the redevelopment and renovation of the Issyk-Kul Airport, which is presently soliciting offers from potential investors.

If you would like to find out about more information regarding the Issyk-Kul Airport and other current investment projects in the Issyk-Kul region please contact MGN.