Kazakhstan discloses quantity of its gold reserves

Kazakhstan Materials 6 April 2024 08:11 (UTC +04:00)
Madina Usmanova
Madina Usmanova
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ASTANA, Kazakhstan, April 6. Kazakhstan currently has 2,300 tons of gold reserves, said Chairman of the Geology Committee of the Ministry of Industry and Construction of Kazakhstan Yerlan Akbarov at a briefing, Trend reports.

"These are geological reserves. Kazakhstan produces 90 tons of gold per year. The gold reserves will last for 20–25 years. According to our forecast, gold reserves in the country reach 20,000 tons. This is a gold reserve that has been formed today and is being worked on," he said.

In turn, the acting deputy chairman of the Geology Committee, Kanat Yerubayev, explained that during gold exploration, its reserves will continue to be replenished.

"Gold reserves are constantly replenished during exploration by private subsoil users. That is, when gold is mined, at this moment its reserves are updated," he noted.

According to the World Gold Council, gold reserves in the National Bank of Kazakhstan amounted to 294.2 tons as of the end of December 2023. This figure decreased by 16 percent, compared to 351.6 tons in 2022.

The value of the gold reserves amounted to $16.454 billion, which is a 12-percent increase compared to $14.584 billion at the end of 2022.