No privatisation of gold mine


Prime Minister Zhantoro Satybaldiev has ruled out any nationalisation of the Kumtor gold mine in the Tien Shan Mountains. There have been concerns about environmental damage being caused by the mine which is owned by Canadian company Centerra Gold Inc.

The mine which produces enough gold to provide around half of the country’s exports and contributes around 12% of gross domestic product (GDP) employs around 2,700 people.

The country is badly in need of more foreign direct investment (FDI) and the move by the prime minister is likely to be part of a campaign to reassure investors who have been frightened away by strong nationalistic protests. Last month the government had to abandon the sale of mining licenses because of nationalist protesters.

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