The Annual General Meeting of Kurdistan Gold Mining Development Company 

The Annual General Meeting of Kurdistan Gold Mining Development Company for the financial year ended 2024 was held on Sunday, July 13, with the participation of 100% of the company’s individual and legal shareholders. During the meeting, the company’s financial statements were approved.
Kurdistan Gold Mining Development Company is responsible for implementing the Saghez Gold Recovery Plant construction project in Kurdistan Province. According to the report of the company’s auditor and legal inspector for the aforementioned year, the company succeeded in attracting four times more capital compared with the previous financial year and increased its total assets from 4,780 billion rials to 17,237 billion rials.
Moqdad Majdi, CEO of Kurdistan Gold Mining Development Company, stated that following eight years of operational stagnation in the extraction operations of the Qaleh-Qoleqeh Gold Mine, ore extraction has resumed with the deployment of a mining contractor. According to the plans, 200,000 tonnes of ore will be extracted and transported to the processing plant by the end of the current year.
Majdi added that targeted exploration conducted at the Qaleh-Qoleqeh Gold Mine and four newly identified mines has significantly increased the company’s proven and accessible reserves available for ensuring a stable supply of feedstock to the Saghez Gold Recovery Plant. The quantitative results of these exploration activities will be announced subsequently.
Referring to significant progress in the construction of the processing plant and energy infrastructure, he added: “The cold commissioning of the plant is scheduled for the second half of the current year, and during the same period, the company’s first gold bullion will be unveiled.”
According to the report presented to the General Meeting, the company’s current major challenge is project financing. The company’s shareholders emphasized the need to maintain the pace and quality of project implementation, with maximum support for financing and the use of innovative financing methods in this area.
Kurdistan Gold Mining Development Company is a mining company under Sadr Tamin Investment Company (TASICO), which is affiliated with the Social Security Investment Company (SHASTA). As a key economic development project for Kurdistan Province, the company is currently operating in one of the province’s less-developed areas, with an investment exceeding USD 65 million and the capacity to create 500 direct jobs.

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