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Kyrgyzstan says it seized mine over alleged environmental and safety breaches

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Published : January 06th, 2022
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Financial Times/Neil Hume/12-21-2021

“In May, Bishkek seized control of Kumtor, the country’s most valuable asset producing 500,000 ounces of gold a year, after President Sadyr Japarov signed a new law allowing the government to take temporary control of mines that violate environmental regulations or endanger lives. It also fined the company $3bn.”

USAGOLD note: Some see owning mining companies as a proxy for coin and bullion ownership, but, as the situation with Centerra Gold’s operation in Kyrgystan illustrates, they are two different things. We are not opposed in any way to owning mining stocks, but it is important to understand the differences between the two investments. Stocks are usually held for speculative gain. The precious metal itself is generally held as a hedge against economic and financial uncertainties. If your goal is portfolio safety, gold coins and bullion, not mining stocks, are the first line of defense.  As you can see in the map below, some of the world’s largest gold mines are located in vulnerable locations. Bishkek is Kyrgyzstan’s capital city.

Graphic courtesy of Statista.com

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