Turkey to accelerate domestic gold mining

Mollakara gold mining facility in Ağrı, eastern Turkey. Photo: AA photo

The government of Turkey, together with private investors are planning to begin the development of a large-scale gold and silver fields, which have been recently discovered in the eastern province of Agri, according to recent statements, made by Turkey's Ministry of Industry and Technology.

 

The reserves of the gold field are estimated at 20 tonnes, which is equivalent to US$1.2 billion. There is also a 3.5-ton silver field, worth US$2.8 million, which is located in this area.

 

The project is expected to be implemented by the Turkish gold mining company Koza Altin's, while the volume of investments may exceed US$100 million.

 

According to head of the Ministry, Mustafa Varank the development of the field will begin in Q4 of 2022.

 

Mustafa Varank comments:

 

“Turkey, which in the early 2000s could not produce a single gram of gold, last year produced 42 tons of gold at 18 operating mines, despite the pandemic,” Turkey is ranked the 12th in the world in terms of gold reserves, while the country has the potential to enter the top 5».

 

By: Eugen Gerden