17.01.2026 15:54
Turkish Gold Enterprises has decided to apply for the transfer of the mining license for the gold mine in İvrindi, Balıkesir, for a fee of 50 million dollars; the payment will be made in three equal installments.
Turkish Gold Enterprises announced that it will apply to acquire the license of the gold mine in Balıkesir İvrindi for 50 million dollars.
In a statement posted on the Public Disclosure Platform (KAP), the decisions made regarding the matter were shared during the meeting held today by the Board of Directors of Turkish Gold Enterprises.
Accordingly, it was decided to acquire the gold mine in Balıkesir İvrindi, which has a resource amount of 700 thousand ounces and a reserve amount of 500 thousand ounces, owned by Turkey Mining Industry and Trade Inc., a subsidiary of the Turkey Wealth Fund, to sign the mining license transfer agreement, and to apply to the relevant authorities to complete the transfer processes.
AGREEMENT REACHED FOR 50 MILLION DOLLARS
It was agreed that a license transfer fee of 50 million dollars and an amount corresponding to 2.5% of the net yield income would be paid by the company.
TO BE PAID IN 3 INSTALLMENTS
In the statement indicating that the license transfer fee will be paid in three equal installments, the following details were shared regarding the matter:
"The payment of the first installment, amounting to 16 million 666.6 thousand dollars (until the VAT exemption certificate is provided by Turkish Gold Enterprises Inc.), will be made as an advance to Turkey Mining Industry and Trade Inc. within a maximum of 5 business days from the date of signing the contract, the second installment of 16 million 666.6 thousand dollars will be made on March 31, 2027, and the third installment of 16 million 666.6 thousand dollars will be made on December 31, 2028, or on the date when gold production from the ore in the license area begins, whichever occurs first, in three equal installments."