Kumtor may stop in 2025, says Tengiz Bolturuk and offers to sell 30% of the field's shares 

There is a risk that in 2025 the Kumtor mine will have to be stopped due to the filling of the tailings dump. This is stated in an open letter from the former external manager of Kumtor Gold Company CJSC, the former head of the abolished Heritage of Great Nomads holding, Tengiz Bolturuk, who is now in custody. The letter was published by his lawyer Kaisyn Abakirov, writes Sputnik.
Bolturuk was detained on September 13 last year. Prior to that, the Accounts Chamber found financial violations in the SCC, after which he was removed from office. After checking the company's work, the Prosecutor General's Office opened three criminal cases.
"If we do not start developing a carefully thought-out and pragmatic development strategy for Kumtor now, the mine will stop in 2025 due to the filling of the tailings dump. In seven years, the actual confirmed gold reserves will run out. These circumstances can seriously affect the image of the country's leadership, since it was thanks to the president's efforts that Kumtor was returned to the ownership of the people of Kyrgyzstan, " the letter says.
If we do not start developing a carefully thought-out and pragmatic development strategy for Kumtor now, the mine will stop in 2025 due to the filling of the tailings dump. In seven years, the actual confirmed gold reserves will run out. These circumstances can seriously affect the image of the country's leadership, since it was thanks to the president's efforts that Kumtor was returned to the ownership of the people of Kyrgyzstan, " the letter says."    
According to Bolturuk, today Kumtor is experiencing a serious shortage of exploration geologists, geotechnical engineers, research engineers, underground mining engineers, project engineers and managers. Previously, these positions were closed by foreign specialists and consultants, but now we urgently need to train national personnel.
In addition, the ex-head of KGC said that preliminary negotiations were held and the company was preparing to go public in Singapore. Its expected valuation on the stock exchange would be $ 6-7 billion in 2024. Bolturuk noted that the sale of 30 percent of shares for $ 1.8-2.1 billion will help eliminate the state budget deficit for the next three years and will allow:
•  carry out intensive geological exploration at Kumtor and around the deposit, increase gold reserves to 600 tons, that is, extend the mine's operating life by 30 years.;
•  launch a new gold recovery plant and a new underground mine at Kumtor, completely recycle and empty the existing tailing dump, and upgrade the infrastructure without attracting an external investor;
•  at the expense of Kumtor's profit, finance the largest industrial projects (Zhetim-Too, Balachychkan, Sary-Jazskaya HPP and others), annually allocating up to $ 250 million for them.

Source: Knews