18.2 C
Supported byspot_img

Turkey discovered huge gold deposit worth $6 billion

Member of Europium Groupspot_img
Supported byspot_img

Turkey has already broken its record in 2020 by producing a total of 38 tonnes of gold, while Energy Minister Faith Donmez had set an annual target for gold production of 100 tonnes earlier this year in September.

Turkey has stumbled upon a huge gold deposit weighing as much as 99 tonnes, with valuation touted to be around $6 billion, more than the GDP of some countries. As per the state-run news agency Anadolu, the deposit was discovered by Gubertas – a fertilizer manufacturing company – along with Fahrettin Poyraz, head of the country’s Agricultural Credit Cooperatives.

After the news came out, shares of Gubertas surged 10 per cent on Borsa Istanbul – the Turkish stock exchange. Poyraz informed Anadolu that the first extraction of gold is to take place within two years, adding value to the Turkish economy. The value of the recently discovered gold deposit is estimated to be greater than the GDP of some countries. According to Worldometer, the GDP of Maldives is $4.87 billion, while that of Burundi is pegged at $3.17 billion. While this makes the gold deposit richer than these countries, others like Barbados, Guyana, Montenegro, and Mauritania have economies much smaller than $6 billion.

Supported by

Another development involving the influx of funds in Turkey is the rehabilitation of the Syrian refugees in the country. The European Union (EU) is planning to inject about $590 million in cash in order to help more than 1.8 million refugees, as well as to educate more than 7 lakh children. The programs are being run by the Turkish Red Crescent in collaboration with UNICEF and the Red Cross.

Source: businesstoday.in



Supported byElevatePR Digital

Related News

Outback Goldfields expands presence in Finland with acquisition of Sakumpu Exploration

Vancouver-based mining company, Outback Goldfields, has finalized a definitive agreement to acquire Sakumpu Exploration, the Finnish subsidiary of S2 Resources. This acquisition involves the...

Dundee Precious Metals propels Čoka Rakita gold project in Serbia amid promising economic study

Dundee Precious Metals has unveiled a promising preliminary economic assessment (PEA) for its Čoka Rakita gold discovery in Serbia. Despite initial investment of US$381...

Exploring the newly discovered gold and mineral deposits on Mount Rogozna in Serbia

To date, significant drilling efforts on Mount Rogozna, where this deposit is located, have revealed substantial quantities of gold, copper, lead and zinc. "We've...

Expansion milestone: MetalsTech extends operations at Sturec gold mine in Slovakia for ten more years

It sounds like MetalsTech (MTC) has some exciting developments with its Sturec gold mine in Slovakia. The ten-year extension of its underground mining permit...
Supported by
Supported by
Supported by
error: Content is protected !!