Turkey Targets to Produce 100 Tonnes of Gold Per Year

SEATTLE (Scrap Monster): Turkey aims to boost its domestic gold production over the next five years, said the country’s Energy Minister Fatih Donmez. The country eyes annual gold production of 100 tonnes. Incidentally, the country’s gold production had totalled 42 tonnes in 2020. Also, it expects the domestic production to surge to new highs during the current year.

According to the Minister, the real aim is to increase the production to at least 100 tonnes by 2025. It targets to become one among ten countries in the world with annual gold production exceeding 100 tonnes.

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Turkey is one of the largest consumers of gold, with rest of the demand met through imports. The country had imported $26.6 billion worth of the yellow metal in 2020. It accounted for a major portion of the country’s total imports which were worth $219.43 billion during the year. The Turkish official data also suggests that gold imports by the country more than doubled in 2020, compared to the year before.

The anticipated output rush is mainly driven by nearly 20 mines, which are almost nearing production. Already, the country has as many as 18 operational mines. The country targets to increase domestic gold production, in order to cut imports, thereby help the country reduce its current account deficit.