This data was provided in response to accusations of declining production volumes and increasing gold costs at the Kumtor mine.
According to representatives of Kumtor Gold Company, the rise in gold production costs was a result of global geopolitical events in recent years, which led to an increase in prices for a number of resources:
- The increase in fuel prices was 50 percent;
- Prices for reagents and chemicals rose by 70 percent;
- Logistical difficulties led to a 106.4 percent increase in transportation costs;
- The cost of spare parts for heavy mining and auxiliary equipment increased by 30 percent.
Additionally, in recent years, the cost of electricity used at the mine has risen by 92 percent.
Considering all these factors, in 2025, the cost of gold, including all expenses, taxes, and other deductions, amounted to $1,884 per ounce.
Over the past year, 388,418 thousand ounces of gold were mined, which corresponds to 12,081 tons.
As for gold prices, at the beginning of 2025, the minimum selling price was $2,882.7, while the maximum at the end of the year reached $4,612.95. The average selling price during this period was $3,711, according to information from the KGK.
The company's revenue for 2025 amounted to $1.4346 billion, and net profit reached $706.081 million. Taxes and other payments totaled $246.507 million.
Previously, Tengiz Bolturuk, the interim external manager of Kumtor, claimed on his social media that the cost of an ounce of gold, which was $1,152 in 2022, has now reached $3,000. He also stated that the company's net profit does not exceed $350 million, despite the rise in gold prices.
However, official information from Kumtor Gold Company confirms the fact of rising production costs but refutes the data presented by Bolturuk, indicating a significant exaggeration of production costs and an underestimation of the company's profits.
