Kyrgyzaltyn
Kyrgyzaltyn ( Kyrgyzstan Кыргызалтын ) is a Kyrgyz company that is mainly active in the field of gold mining . The company is the largest domestic company in the country and is organized as a public company , with all shares owned by the Kyrgyz state. The company's CEO is Almaz Alimbekov .
history
On October 15, 1992, the company was founded as a state consortium Kyrgyzaltyn as an amalgamation of various smaller mining companies in order to pursue existing activities in the field of gold mining and develop new deposits. On July 23, 1999, Kyrgyzaltyn was converted into a joint-stock company by decree of the President in order to ensure more transparency and a more efficient management structure.
Corruption investigation
In 2003, a contract was signed with Cameco , the then parent company of Centerra Gold , a Canadian mining company, for the use of the Kumtor gold mine, whereby Cameco guaranteed two thirds of the shares in Kumtor in exchange for one third of the shares in Centerra. In 2009, a similar agreement was signed between the two companies confirming the shares in the Kumtor mine for Cameco and Kyrgyzaltyn's stake in Centerra. In 2013, Kyrgyz prosecutors charged ten government officials with corruption related to the 2003 contract, and in 2016 President Almasbek Atambayev called for further investigations into the contracts. All accusations were rejected by the Canadian side.
meaning
The Kyrgyz word altyn ( Kyrgyz алтын ) means "gold". Kyrgyzaltyn is the largest company in the country and handles 97% of Kyrgyzstan's gold mining. Gold plays an immense role in the Kyrgyz economy, accounting for 10% of the country's gross domestic product and 60% of the country's exports.
aims
The company has set itself five strategic goals:
- Increase in gold mining and profitability
- Expansion and supply of companies with important resources
- Increase in efficiency in gold mining
- Investment in modernization and technology
- Metal extraction from production waste
activities
Gold mining continues to be at the center of the company's activities. In addition, Kyrgyzaltyn operates medical facilities, hotels and jewelry stores. Kygyzaltyn is also a shareholder in the Canadian gold mining company Centerra Gold, which is also invested in Kyrgyzstan via the Kumtor gold mine, with 26.6% of the shares and in Altynken Ltd with 40%. In July 2017 it was announced that Kyrgyzaltyn's stake in Centerra Gold had fallen from a good 32% to its current level of 26.6% due to a larger share issue by the Canadian company to finance the takeover of Thompson Creek Metals Inc. in 2016.
Company policy
Kyrgyaltyn has set itself a strict company policy, which is primarily intended to counteract cooperation with militant and illegal non-state groups, money laundering , corruption and the financing of terrorist groups . There are regular training courses for employees that convey this policy.
Individual evidence
- ↑ Kyrgyzstan ratchets up dispute against Canada's Centerra Gold | MINING.com . In: MINING.com . June 15, 2016 ( mining.com [accessed November 7, 2018]).
- ↑ Gold Mining in the Kyrgyz Republic | Chaarat Gold Holdings Limited . In: Chaarat Gold Holdings Limited . ( chaarat.com [accessed November 7, 2018]).
- ↑ a b ABOUT US | Kyrgyzaltyn OJSC. Retrieved November 7, 2018 (ru-RU).
- ↑ Kyrgyzaltyn Hotel. Retrieved November 7, 2018 (UK English).
- ↑ Tatyana KUDRYAVTSEVA: Kyrgyzaltyn comments on reduction of country's share in Kumtor project . In: 24.kg . July 20, 2017 ( 24.kg [accessed November 7, 2018]).