32 C
Belgrade
Supported byspot_img
spot_img

Türkiye’s gold reserves: Potential, production goals and economic value

Member of Europium Groupspot_img
Supported byspot_img

According to Mehmet Yılmaz, head of the Miners’ Association of Türkiye (TMD), Türkiye possesses untapped gold reserves valued at approximately $300 billion. Yılmaz stated that the country’s potential gold reserves amount to about 6,500 tons, with 1,500 tons already identified and extraction underway. The remaining 5,000 tons remain underground.

Türkiye’s gold mining industry currently has an annual production capacity of 35,000 tons, while the country imports between 160 to 170 tons of gold annually. In 2023, gold imports amounted to $31 billion, contrasting with $12 billion generated from gold exports.

Yılmaz outlined the industry’s ambitions to increase gold production to 50,000 tons in the short term and ultimately to 100,000 tons. Gold plays a significant role in Türkiye’s foreign and current account deficits. Excluding gold and energy imports, the April 2024 current account balance showed a net deficit of $497 million, as reported by the Central Bank.

Supported by

The total worth of Türkiye’s mining reserves, encompassing gold, nickel, thorium, boron, coal, and trona, is estimated at $3.5 trillion, according to Yılmaz. He emphasized the necessity for an independent oversight mechanism in the mining sector and stressed the establishment of definitive inspection standards.

Supported byElevatePR Digital

Related News

Coal India expands into graphite mining with new license

Coal India Limited (CIL) is diversifying its operations beyond coal for the first time by entering the graphite mining sector. The Ministry of Mines...

Latin America’s chance to redefine mining and drive the global energy transition

Latin America's tumultuous relationship with mining dates back to the conquistadors' plundering of gold and silver for the Spanish crown. Following independence, the arrival...

U.S. faces critical mineral supply challenges: Urgent policy reforms required for energy security

The global shift towards electrified economies is redefining energy security, as the demand for essential metals like lithium, graphite, copper and rare earth minerals...

Cornish Metals finalizes $4.5 million royalty sale to focus on South Crofty tin project in UK

Cornish Metals Inc., a mineral exploration and development company focused on its 100% owned and permitted South Crofty tin project in Cornwall, UK, has...
Supported by
Supported by
Supported by
error: Content is protected !!