Baku, Azerbaijan, April 30
Trend:
In March 2019, Kazakhstan’s foreign-exchange reserves decreased by 11.8 percent reaching $27 billion, while gold amounted to 55.5 percent of the reserves ($15 billion), which is an increase of 13.8 percent in a year, Trend reports citing energyprom.kz
According to the source, to replenish the national gold and foreign currency reserve stocks, Kazakhstan’s government buys nearly all gold extracted in Kazakhstan. Thus, most of the profit of three main gold mining companies of Kazakstan in 2018 accounted for the purchases made by the National Bank of Kazakhstan.
"In 2Q2019, Tau-Ken Altyn, one of the major gold mining companies of Kazakhstan, plans to receive Gold Delivery status of London Bullion Market Association on gold bullions. Recently, the company sent 11 gold bullions for testing," reads the report. "Another major company, namely Tau-Ken Samruk, plans to develop cooperation with Kazakhmys LLP on copper, gold and co-products exploration in Karaganda’s Spass area."
It is announced that on April 8, 2019, National Association of Precious Metals Manufacturers was created. Currently, companies Tau-Ken Altyn, Tau-Ken, Polymetal Eurasia, АLTYN ММ, Kazakhaltyn, Kazakhaltyn Technology and Altynalmas are the members of the association.
"In 1Q2019, the extraction of gold-bearing ores in Kazakhstan reached 5.3 million tons and increased by 3.6 percent compared to the same period of last year. The gold manufacture also increases. In 1Q2019, 22.7 tons of unprocessed gold (+12.6 percent in a year) and 12.8 tons of gold were produced (+6.6 percent)," the news reads.
“In 2018, Tau-Ken Altyn factory exceeded its original plans and manufactured 22.7 tons of gold instead of targeted 20 tons,” comments Kanat Kudaibergenov, Member of Board of Directors. "In 2019 the gold mining is expected to increase up to 25 tons. This goal is to be achieved mainly due to the optimization of the technological processes.”
In his words, “In 2017-2018, the volume of extracted gold amounted to 80 tons, but only 45 tons were processed by local gold mining companies. This is due to a number of factors including, among others, lack of capacity of local producers. There are also some legal issues, which need to be addressed.”