Azernews.Az

By Sara Rajabova

Kyrgyz company intends to take part in the development of the Perevalnoe gold field with the help of a British investor.

The state-owned "Kyrgyzaltyn" company plans to participate in the competition for the development of gold fields Perevalnoe with the financial support of the British Unity Gold Mining company.

Tokon Mamytov, the chairman of the board "Kyrgyzaltyn" said it is expected to hold the competition for the development of the Perevalnoe gold field.

Perevalnoye goldfield is part of the Terek-Terekkanskoe ore field, located near the Terek-Say mine, owned by "Kyrgyzaltyn". Perevalnoye field possess about six tons of gold reserves.

He noted that "Kyrgyzaltyn" filed an application to participate in the project with the support of Unity Gold Mining, which can allocate the necessary funding.

Mamytov added that part of the funds will be allocated directly to the state-owned company, while others will be invested through a joint venture (JV), if it is created.

The possibility of creating a joint venture will be worked by the "Kyrgyzaltyn" and Unity Gold Mining.

However, these topics will be discussed, if the competition is indeed announced, at which point "Kyrgyzaltyn" will receive a right to develop the Perevalnoye field.

Unity Gold Mining is already working with "Kyrgyzaltyn", supporting an application for state-owned gold mine Dzherui.

Unity Gold Mining - a subsidiary of Unity Gold, was founded by Arab and British businessmen.

Joomart Otorbaev, Kyrgyzstan’s prime minister said last year that the Kyrgyz government will examine the possibility of issuing licenses for the Terekkan and Perevalnoe field.

--

Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

Follow us on Twitter @AzerNewsAz