27.08.2026 14:01
Vice President Cevdet Yilmaz announced that 17 tons of gold will be produced over five years at the new mine opened in Agri. Yilmaz stated that the investment amount is 250 million dollars and that 337 people will be employed at the facility.
The opening of the "Ağrı Mollakara Gold Mine," put into operation by Turkish Gold Enterprises in the Diyadin district, was held.
At the program, after a moment of silence and the singing of the National Anthem, a promotional video of Turkish Gold Enterprises and the Mollakara Gold Mine was shown.
In his speech here, Vice President Cevdet Yılmaz wished that this valuable investment, which will activate Ağrı's potential and provide new opportunities for production and employment in the region, would be beneficial for the country and the nation.
Yılmaz, stating that in a period when the world is undergoing a great transformation, economic and geopolitical competition is increasingly intensifying, and especially in a process where wars and conflicts are increasing in the region, the factors determining the power of countries are being reshaped, said, "From energy resources to critical minerals, from production capacity to technology, every strategic opportunity we have has a direct say over the future of countries. Therefore, we must bring our own resources into our economy with high added value and meet our country's needs to the greatest possible extent with our own means. This will is also at the foundation of the great transformation we have built over the last quarter century under the leadership of our President, Mr. Recep Tayyip Erdoğan."
"ADDED VALUE IN MINING IS MUCH HIGHER"
Drawing attention to the importance of production, Yılmaz continued as follows:
"We see strengthening the entire value chain, from exploration to production, from operation to advanced technology, in our country, and placing our underground wealth at the service of our industry, exports, and development, as a strategic priority. Every new investment that brings resources from our own lands into the economy reduces import dependency, strengthens our external balance, and contributes to our goal of growing our national wealth. Of course, we produce and export in many other sectors, but we need to know this: imports also have a significant share in the production costs of the products we export in many sectors. There are imported inputs, and then we process them and export them again. Mining is not like that. In mining, the added value is much higher. It is entirely our own stone, our own soil. Therefore, the exports we make here are exports with the highest added value. It is an export that has a net positive effect on our country. In this respect, I would like to emphasize that the mining sector has a special importance."
Yılmaz stated that Turkish Gold Enterprises, which has undertaken an important responsibility in line with their goals, has today carried the country's deep-rooted experience in gold mining to a new era, and that Turkish Gold Enterprises, which continues its activities within the body of the Turkey Wealth Fund, is among the country's important pioneering organizations in the field of mining with its 6 operations, 4 projects, and 2,643 direct employees.
Yılmaz, noting that Mollakara, which reached the production stage after approximately 18 years of exploration, survey, feasibility, and engineering studies, started open-pit production as of June 16 and carried out its first gold pouring on July 16, said, "You may not find it by searching, but those who find are always those who search. Therefore, we also act with this philosophy and understanding. We have accelerated exploration activities in our country, especially during the AK Party and People's Alliance period."
"WE EXPECT PRODUCTION TO BE AROUND 1 TON THIS YEAR"
Yılmaz, stating that Mollakara holds a special significance as it is the first gold mine brought into production by Turkish Gold after joining the Turkey Wealth Fund, said the following:
"The amount of investment made in Mollakara is 250 million dollars. We expect production to be around 1 ton this year, and nearly 17 tons of gold will be produced in the currently planned 5-year period. New explorations are ongoing. We are a nation somewhat fond of gold. Turkey imports more than 150 tons of gold every year. If not for gold imports last year, our current account deficit would have been almost nonexistent. In other words, after petroleum and energy, our most important current account deficit item is gold imports. I am not referring to ornamental jewelry, let there be no misunderstanding. That is our culture. That will certainly continue, but the understanding of saving with gold in our country is unfortunately also a bit too strong. At least our expectation is for this gold to enter the system more and be transformed into production and investment."
Cevdet Yılmaz assessed, "Our nation's reserves are many times greater than our Central Bank's reserves, but due to international rules, we cannot reflect this on the balance sheets much. This also prevents us from lowering our risk indicators further. Hopefully, this will be reflected more, and Turkey's strength will be seen more. We import more than 150 tons of gold every year. Currently, our own production, as Turkey, is around 30 tons. The more we can increase this, the more we will reduce our current account deficit. I would like to state that this is an investment that directly reduces the current account deficit and also contributes to our macroeconomic stability."
"IT WILL INCREASE TURKEY'S GOLD PRODUCTION BY 10 PERCENT"
Yılmaz said that 3 tons of gold will be produced at the facility next year, and more production will be carried out in the following years.
Drawing attention to the fact that the facility alone will increase Turkey's gold production by 10 percent, Yılmaz said, "It will raise 30 tons to 33 tons. This is truly very gratifying. This facility will produce nearly 17 tons of gold over the 5-year period, and we see that, at today's prices, this corresponds to a figure of around 2.5 billion dollars. In other words, this facility will contribute 2.5 billion dollars to the improvement of our country's current balance and the reduction of the current account deficit over the 5-year process. I congratulate all those who contributed once again."
Yılmaz, pointing out that the reflection of the concept of economy on people is realized through employment, said, "Employment is not just an economic concept, but also a social concept. Employment means social welfare. Therefore, 265 people are currently employed in this operation alone. When full capacity is reached, it will rise to 337. This is direct employment. When you look at it with the multiplier effect, we are talking about at least 1500-2000 jobs. This is truly the most gratifying aspect of this business. At least 81 percent of those working here will be our people from this region. This is also very valuable in terms of regional and local development."