The Jerooy deposit located in Talas Region in northwestern Kyrgyzstan has estimated reserves of nearly 90 tonnes of gold and about 25 tonnes of silver.
Russia’s President Vladimir Putin and President of the Kyrgyz Republic Sadyr Japarov took part, via videoconference, in a ceremony to launch the Talas Gold Mining Complex at the Jerooy deposit.
The project, which is being implemented by Russia’s Alliance Group with support from VTB Bank, is among the largest in the history of Russian-Kyrgyzstani economic cooperation in terms of investment volume. The potential level of production at the enterprise is five tonnes of gold a year.
The ceremony to launch the Talas Gold Mining Complex was also attended by President of Alliance Group and President and Chairman of the Board of Directors of Russian Platinum Musa Bazhayev, and President and Chairman of VTB Bank Management Board Andrei Kostin.
“The launch of the Talas Gold Mining Complex at the Jerooy deposit is indeed an important project for Russian-Kyrgyzstani economic cooperation and, in general, for the strengthening of partner and allied relations between our nations,” Putin said, who added that “The Talas Gold Mining Complex will employ cutting-edge technology and state-of-the-art equipment, including those compliant with all nature conservation regulations and standards. This will allow the production of up to five tonnes of gold per year, efficiently and with no environmental damage.”
According to Putin, the mining complex is creating more than a thousand jobs offering new employment opportunities to the local population. Small and medium-sized enterprises in Talas Region will be able to secure lucrative deals to supply goods and services required by the complex.
“Russian investors intend to provide significant financial support for the social development of Talas Region. The company director already said that a designated foundation was established that will receive up to $2 million every year. Almost half of these funds will be spent on socially significant projects in the region while the rest of the money will be used for subsidised lending to businesses,” Putin said.