Kazakhstan ranks third (after Russia and Uzbekistan) in gold mining among the CIS countries and is in the top ten in gold mining in the world. The rise in global gold prices has once again made this precious metal an attractive asset. The production of this precious metal is increasing every year. There are gold deposits in Kazakhstan in almost all regions. The total reserves of gold, according to various estimates, are about 2 thousand tons, and no more than three dozen tons are mined. In Kazakhstan, about a hundred enterprises have the right to develop and mine gold.
The largest gold producer is the company KazakhGold Group Ltd., which mines gold in northeastern Kazakhstan near the city of Stepnogorsk. The largest gold deposit in Kazakhstan is the Vasilkovskoye deposit, which is located 17 km away. from the city of Kokshetau. In Kazakhstan, gold mining occurs both at primary gold deposits and as a by-product. Gold mining companies provide only one third of gold, and the remaining two thirds come from enterprises in the copper and lead-zinc industries, where gold is a by-product.
Having its own gold, the National Bank, replenishing gold and foreign exchange reserves, buys gold on the foreign market. Explaining this by the economic inexpediency of operations to sell gold on the domestic market.
Another interesting fact is that you cannot find products made of Kazakh gold in stores. Although the steppe people learned to mine and make gold four thousand years ago. Goldsmiths could make unique items that were sold to merchants on the Great Silk Road.
The revival of gold traditions would allow Kazakhstan to raise its jewelry industry to a decent level and bring good profits.
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