The figure comes from the half-year report of China Nerin, whose shares trade on the Shanghai stock exchange, Economist.kg wrote at 08:37 Bishkek time on Wednesday. Under the contract the company designs, equips and builds the gold-recovery plant, the tailings storage and the mine’s production infrastructure, and it gives the build 24 months from signing.
Kumtor Gold Company said in June that Togolok is financed entirely from the enterprise’s own funds, without foreign investment or borrowing, so the $112.8 million is the price of the construction contract and not the project’s investment total, the outlet notes. China Nerin’s report also confirms that work on the site had reached the construction stage by the end of June.
Under the contract the company designs, equips and builds the gold-recovery plant, the tailings storage and the mine’s production infrastructure, and it gives the build 24 months from signing.
Togolok lies in the Jeti-Oguz district of Issyk-Kul region at about 3,200 metres, with balance reserves of 19 tonnes 928 kilograms of gold by Kumtor’s figures and a planned mine life of 10 to 15 years. The plant’s design capacity is 500,000 tonnes of ore a year, by the figures published in China.
A separate procurement in June, for a 110 kV power line and a 110/35/6 kV substation at Sary-Bel, was valued at 647 million soms. Whether that line and substation sit inside the $112.8 million contract cannot be established from the open documents, Economist.kg says.
Drilling at Togolok began in May and the first ore is planned within a year of the June start, by the outlet’s earlier reporting. Kumtor, the state-owned company that took the mine back from Centerra in 2022, has published no contract value of its own.