Kyrgyzaltyn starts building plant to produce gold bars

BISHKEK. Oct 17 (Interfax) - Kyrgyzstan plans to start producing gold bars in 2024, the government's press service said on Tuesday.

Deputy Prime Minister Bakyt Torobayev on Tuesday laid the capsule for the construction of the country's first plant to produce gold bars at a branch of the Kyrgyzaltyn refinery in Kara-Balta, Chui Region, the press release said.

The plant, which will have an area of 1,500 square meters, is scheduled to start operations in the first quarter of 2024. Construction will be financed by Kyrgyzaltyn with its own funds.

Torobayev said this project is very important for the country because it will create favourable conditions for the development of a domestic market for precious metals and increase their turnover.

While before gold bars were produced abroad, in future they will be made in Kyrgyzstan using the latest technology from Italy and Germany, the press service said. There are also plans to produce coins, souvenir coins and medals of various size.