Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 18/06/2021 14:04 
10.06.2021 15:57 News >> Turkey Discovers 20-Ton Gold Reserve Worth $1.2B

Turkey Discovers 20-Ton Gold Reserve Worth $1.2B

New facility is expected to start gold casting process in last quarter of next year, says industry minister.

A massive 20-ton gold reserve worth $1.2 billion has been discovered in Turkey's eastern province of Agri, the Turkish industry and technology minister announced on Thursday.
In addition, a 3.5-ton silver reserve, worth $2.8 million, was also discovered in the same region, Mustafa Varank said at a groundbreaking ceremony for Turkish gold mining firm Koza Altin's new facility in Agri.
The $160 million facility, which will employ 500 people directly and indirectly and provide 2,000 jobs, has huge importance for the economy of both Turkey and the region, said Varank.
The facility is expected to start gold casting in the last quarter of 2022, he added.
He said surveying and exploration are continuing to find much more gold in the mine.
Touching on Turkey's mining sector, he said 13,000 people are working in the sector, with investments reaching $6 billion to date.
"Turkey, which in the early 2000s was unable to produce even one gram of gold, last year produced 42 tons of gold in 18 active mines despite the pandemic," Varank said, highlighting mining accomplishments under the Justice and Development (AK) Party, which came to power in 2001.
While before 2001, all of Turkey's gold needs were met by imports, now Turkey's gold production reduces the country's current deficit by $2.4 billion annually, he noted, adding:
"But we don't consider these efforts enough, we're going forward with many new projects that will take the sector even further."
Varank said that through most of the republic's history, it never prioritized mining.
He explained: "Until the early 2000s, gold was not produced (in Turkey). Is that because there's no gold (here)? Of course not. Turkey ranks 12th in the world in terms of proven gold reserves, and when we look at the potential, it's among the top five."
"Our country has been left behind in gold production due to neglect, lack of vision, and even incompetence," he added.
He stressed that a Rare Earth Elements Application and Research Center will be founded at Turkey's Munzur University for research and development as well as manufacturing activities for high-tech products in fields such as aviation, electronics, and automotive.
Last December another big gold discovery – 3.5 million ounces worth $6 billion – was made in the northwestern Marmara region by Turkish fertilizer producer Gubretas.
*Writing and contributions by Gokhan Ergocun from Istanbul -



        Latest News
EU Adds 5 New Countries To Free Travel List -49 minutes ago...
Residents of US, North Macedonia, Serbia, Lebanon, Taiwan can visit bloc without COVID 19 restrictions.
40 Daesh/ISIS Terror Suspects Nabbed In Turkey -49 minutes ago...
Arrests warrants issued for 61 people accused of channeling funds to terrorist group.
Turkish Foreign Minister Meets Counterparts At Diplomacy Event -49 minutes ago...
Cavusoglu holds meetings with North Macedonian, Kosovar, Congolese, Turkish Cypriot counterparts, EU foreign policy chief.
World No. 2 Naomi Osaka Withdraws From Wimbledon -19 minutes ago...
Japanese player 'taking some personal time with friends and family'
Turkey Nabs 7 FETO Terror Suspects Trying To Flee To Greece -19 minutes ago...
2 more suspects arrested on charges of migrant smuggling.

 
      Top News
Bucks Claim 104-89 Win Over Nets, Force Game 7 In Semifinals Bucks Claim 104-89 Win Over Nets, Force Game 7 In Semifinals
Turkey Condemns Greek Court's Sentencing Of Elected Muslim Official Turkey Condemns Greek Court's Sentencing Of Elected Muslim Official
1 In 100 Deaths Is By Suicide, But Global Rate Falling: WHO 1 In 100 Deaths Is By Suicide, But Global Rate Falling: WHO
Zambia's Founding President Kenneth Kaunda Dies At 97 Zambia's Founding President Kenneth Kaunda Dies At 97
US Stocks Open Mixed, Trying To Recover After Fed Announcement US Stocks Open Mixed, Trying To Recover After Fed Announcement
Botswana Says It Has Found 'World's Third-Largest Diamond' Botswana Says It Has Found 'World's Third-Largest Diamond'
US Cancels $500M In Student Loan Debt US Cancels $500M In Student Loan Debt
Ethiopia: Islamic Education Thrives, Expands Faith Ethiopia: Islamic Education Thrives, Expands Faith
First Ronaldo, Now Pogba Reacts To Unhealthy Drinks At EURO 2020 First Ronaldo, Now Pogba Reacts To Unhealthy Drinks At EURO 2020
Devin Booker Moves To Fenerbahce Beko Devin Booker Moves To Fenerbahce Beko