Cameco Mines Gold in Kyrgystan
August 31, 2005
Cameco (Canada), global uranium mining leader, mines gold in the deposit Kumtor in eastern Kyrgystan. The firm has nearly 3,000 employees in this region. Kumtor is the seventh richest gold deposit in the world and has a 7% share in Kyrgystan’s GDP. Cameco plans to extract 270 tonnes of gold in Kumtor by 2015. The firm’s production costs are USD 200/ounce under the current gold price of USD 430/ ounce. Cameco holds a 53% stake in the joint-venture Centerra (Kyrgystan). The joint-venture has a 15.7% stake by the state firm Kyrgyzaltyn (Kyrgystan).