Russia to Invest in Kyrgyzstan’s Second-Largest Gold Deposit

SEATTLE (Scrap Monster): Kyrgyzstan’s second-largest gold deposit opened for operations. The online launching ceremony held yesterday was attended by Russian President Vladimir Putin and his Kyrgyz counterpart, Sadyr Japarov. The Jerooy gold refining plant, operated by Russia’s Alliance Group, will see investment of $600 million over its lifetime by Russia.

The project is expected to see record volumes of Russian investment, which in turn will contribute approximately $70 million per annum to Kyrgyzstan’s budget. The mine is estimated to hold around 90 tons of gold and 25 tons of silver. The annual gold output from the mine is expected at around 5.5 tons.

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The attacks on the mine that followed elections in the country delayed the start, which otherwise would have begun operations during late-2020 itself. Incidentally, the attacks had cost the company over $10 million in damages.

Jarapov, who met with demonstrators who had protested against the project over environmental concerns, called for their support for the stability of the project. He reminded that the project is significantly important to the state budget and that it would bring in a bright future for the country, thereby ensuring the well-being of its citizens.