By Michelle Smith
Gold Investing News
Commercial gold mining has always been important in former Soviet Union nations, states an article published by the Alchemist, a quarterly journal from the London Bullion Market Association. Although 1997 to 1998 marked a low point for gold production in a large number of these nations, since then, many — including those clustered in Central Asia — have rebuilt and are improving and expanding their gold industries.
This region is home to the Tien Shan gold belt, which Central Asian Minerals and Resources (CAMAR) describes as one of the richest in the world. It spans over 2,500 kilometers, running through parts of Uzbekistan, Tajikistan, Kyrgyzstan, Kazakhstan and China, and contains numerous large gold deposits, including Muruntau, Kumtor and Konimansuri Kalon in Tajikistan, which reportedly contains over 50 million ounces.
Kyrgyzstan provides an excellent example of the economic benefits delivered by gold mining. It hosts the Kumtor gold deposit, currently owned by Centerra Gold. The company claims the titles of the country’s largest private-sector employer and the largest source of foreign investment.