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Wednesday, February 29th 04:29 PM IST

KYRGYZSTAN TARGETS GOLD OUTPUT AT 20 TONS IN 2012


Kyrgyzstan has also resumed exploration of a genetically new type of gold after more reserves were found in the gold belt.

BISHKEK(BullionStreet): Former soviet state Kyrgyzstan expect to produce more than 20 tons of gold and five tons of silver this year. According to country's Economy minister, Temir Sariyev a significant increase in gold production is expected in Kyrgyzstan in 2012. The government submitted amendments to Precious Metals and Jewels Law for the consideration in the Parliament. The central Asian republic recently opened the Tien Shan gold belt, one of the world's richest precious metals-bearing regions to more foreign firms. Observers said developing several new mines in the Tien Shan gold belt using latest technologies could significantly improve gold production. Kyrgyzstan has also resumed exploration of a genetically new type of gold after more reserves were found in the gold belt. In total, some 28 gold deposits have been discovered in the Central Asian republic with an estimated total reserve of 429.3 tons of the precious metal. Kyrgyzstan has gold reserves estimated at more than 2,000 tons of gold -- the third-largest supply of the precious metal among all former Soviet states, and second only to Uzbekistan in Central Asia.