Turkey Reinforced Annual Gold Output Target of 100 Tons

SEATTLE (Scrap Monster): The new gold discoveries and the mining facility are expected to help Turkey achieve its annual gold production target of 100 tons.

Mehmet Yilmaz, Chairperson, Gold Miners Association pointed out several positive factors that favour a strong gold market in the country. Turkey has several gold producing companies as well as refineries. There exists a precious metals market at the Turkish stock exchange to manage gold trade. Also, the jewelry industry in the country is very robust, blessed with trained specialists, he noted.

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According to Mustafa Varank, Industry and Technology Minister nearly Mollakara mining facility in the eastern AÄŸrı province is said to have around 20 tons of gold reserves, valued at approximately $1.2 billion. The gold mine facility is expected to make significant contribution to the country’s annual gold production target, he said. Incidentally, Koza Altin, who owns the facility, is expected to invest a total of around $160 million in it.

A total of around 200 drillings have been carried out at the Mollakara mine project. The discovery of the reserves is considered to be an important development for both Turkey and the entire region. Also, the reserves are found to be having richer content compared with similar mines. The mine is scheduled to cast its first gold during the last quarter of 2022.