In January-September Kumtor Gold Company produced 451,679 ounces or 14,048.8 kg of gold and contributed more than 10.79 billion soms in taxes and mandatory payments.
Kumtor produced 150,305 ounces or 4675.01 kg of gold in the third quarter compared to 122,445 ounces or 3,808.47 kg of gold in the same prior year period.
The increase in the current quarter was primarily due to processing ore with higher grades from cut-backs 18 and 19 and higher recoveries, compared to processing lower grade ore from cut-back 17 and Sarytor in the third quarter of 2018. During the third quarter Kumtor’s average mill head grade was 3.8 g/ton with a recovery of 84.8% compared to 3.0 g/ton and a recovery of 79.0% in 2018.
Gold sales in the third quarter totaled 160,088 ounces, or 4,979.30 kilograms. Total revenues from gold sales in the third quarter were $234.4 million.
In August all conditions precedent in relation to the comprehensive settlement agreement entered into with the Kyrgyz Republic on September 11, 2017 were satisfied or waived and the Strategic Agreement was signed on August 26.
At Kumtor planned exploration work is aimed at defining additional resources on the flanks of the Central Pit, focusing on the Hockey Stick Zone and the SB Zone deep extension to add to the open pit mine life.
Exploration drilling focused on testing zones of mineralization near the surface for additional open pit resources on the north-east side of the Central Pit, at the corridor between the Central and Southwest pits, and on the flanks of the Sarytor target area.
During the third quarter sixty-seven diamond drill holes for 18,215 meters were completed, including 11,472 meters of infill drilling in the Hockey Stick Zone. (24.kg/Ukrainian metal)