Tag Archives: metals and mining

Kazakhmys cuts projects

FEB. 3 2015 (The Conway Bulletin) — Kazakhmys, one of the biggest employers in Kazakhstan, said it was stopping work on a handful of side projects and making 2,000 people redundant. Kazakhmys’ main product is copper although it employs thousands more people in support businesses such as coal mining. The news piles more pressure on Kazakhstan’s economy.
ENDS

(News report from Issue No. 217, published on Feb. 4 2015)

Kumtor to produce 10% less gold in 2015

JAN. 19 2015 (The Conway Bulletin) — Centerra Gold, the Toronto-based mining company, said it will produce around 10% less gold from its Kumtor gold mine in eastern Kyrgyzstan this year. The company didn’t specify why gold production at Kumtor would drop this year. This is significant, though, as Kumtor is Kyrgyzstan’s single biggest industrial asset.
ENDS

(News report from Issue No. 215, published on Jan. 21 2015)

Kazatomprom debt deal

JAN. 20 2015 (The Conway Bulletin) — Kazatomprom, Kazakhstan’s
nuclear agency, has agreed a $450m debt deal with Western banks.
The deal, and its size, show that despite an economic downturn some
Kazakh companies are still considered a relatively good bet.
Kazakhstan owns 15% of the world’s uranium supplies.
ENDS

(News report from Issue No. 215, published on Jan. 21 2015)

China boosts Tajik gold

DEC. 1 2014 (The Conway Bulletin) – In the first eleven months of this year Tajikistan equalled its top post-independence annual production figure for gold, the country’s Asia-Plus news agency reported.

Like its record cement production figure, posted earlier this year, the increase is due to Chinese investment.

The yield of 3 metric tonnes (mt) is modest by regional standards — neighbouring Uzbekistan produces 90 mt/year and Kyrgyzstan 10-20 mt/year — but it’s still important to Tajikistan, one of the most impoverished countries in the world.

Chinese-Tajik Zeravshan Gold Company is responsible for over two thirds of Tajikistan’s total gold output. And this underlines China’s increasingly tight grip over Tajikistan’s economy. Without China, Tajikistan’s gold and cement industries would be in a far more perilous state.

ENDS

(News report from Issue No. 211, published on Dec. 3 2014)

Kyrgyzstan’s Ata meken supports nationalising Kumtor

NOV. 14 2014 (The Conway Bulletin) – Kyrgyzstan’s Ata Meken party, one of three parties in the ruling government, said it supported nationalising the Kumtor gold mine. Kumtor is the focus of a row between Kyrgyzstan and its Canadian partner Centerra Gold. Ata Meken may have chosen this populist policy to bolster itself ahead of a parliamentary election next year.

ENDS

(News report from Issue No. 209, published on Nov.19 2014)

Kumtor slowdown costs Kyrgyzstan

NOV. 11 2014 (The Conway Bulletin) – Kyrgyzstan will lose $65m in revenue this year because of a delay in restructuring the Kumtor gold mining project, the country’s biggest industrial operation, media quoted Eldar Tadzhibayev, head of the Kyrgyz mining union, as saying. Kumtor has been the focus of a major row between Kyrgyzstan and its Canadian partners.

ENDS

(News report from Issue No. 208, published on Nov.12 2014)

Kazakh copper miner company changes name

OCT. 31 2014 (The Conway Bulletin) – Kazakhmys, the London-listed Kazakh copper miner that anti-corruption campaigners say has strong links to President Nursultan Nazarbayev, has changed its name to KAZ Minerals PLC. KAZ Minerals retains the newer copper mines while the older mines in central Kazakhstan will operate under a new company called Cuprum Holding.

ENDS

(News report from Issue No. 207, published on Nov. 5 2014)

Kyrgyzstan threatens gold miners

OCT. 17 2014 (The Conway Bulletin) – Kyrgyzstan and its Canadian mining partners once again clashed over ownership of the Kumtor gold mine in the mountains on the east of the country.

Kumtor is the main economic engine of Kyrgyzstan, generating around 10% of its GDP. The problem is Kyrgyzstan wants to own more of the mine which is mainly owned by Totonto-listed Centerra Gold.

Now, Kyrgyzstan president Almazbek Atambayev has threatened to force Centerra Gold to delist from the Toronto stock exchange after a court in Canada suspended its shares.

Kyrgyzstan owns a third of the company but Stans Energy, a Canadian company, has taken out a court injunction preventing Kyrgyzstan from trading its stake. Stans Energy says it is looking for payment from the Kyrgyz government after losing its licence to develop the Kutessay II rare earth mine.

The row between Kyrgyzstan and its foreign investors has been rumbling along for years. It shows no sign of slowing.

ENDS

(News report from Issue No. 205, published on Oct. 22 2014)

Kyrgyz gold mine attacked

SEPT. 8 2014 (The Conway Bulletin) – An armed group attacked a Chinese- run gold mine in northern Kyrgyzstan shooting a security guard and making off with 5kg of gold, media reported. The attack highlights still weak security across swathes of the country. Gold mines are a particular target.

ENDS

(News report from Issue No. 199, published on Sept. 10 2014)

Anti-mining protests in Kyrgyzstan

AUG. 28 2014 (The Conway Bulletin) – In two separate demonstrations, hundreds of protesters in Kyrgyzstan blocked roads to try and stop production at an iron ore mine and an oil refinery, media reported. In both cases, the protesters claimed the sites were damaging the environment, a well-used tactic by protesters wanting to stop industrial production.

ENDS

(News report from Issue No. 198, published on Sept. 3 2014)