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Turkey reports major gold discovery

The gold reserve's value is around $6 billion

SAMAA | - Posted: Dec 23, 2020 | Last Updated: 5 months ago
Posted: Dec 23, 2020 | Last Updated: 5 months ago
Turkey reports major gold discovery

File photo: AFP

Turkey has discovered a major gold deposit holding an estimated 3.5 million ounces (99 tonnes) of the precious metal valued at around $6 billion, the Anadolu state news agency reported Tuesday.

The find in the midwestern town of Sogut was reported by Fahrettin Poyraz, who heads the Agricultural Credit Cooperatives of Turkey and the Gubretas fertiliser production firm.

“We are talking about a value close to six billion dollars,” Poyraz told Anadolu.

“Within two years, we will extract the first gold and bring value to the Turkish economy.”

Gubretas shares soared by nearly 10 percent on the Borsa Istanbul on the news.

Poyraz said his Gubretas fertiliser producer won control of the site from another company in a 2019 court decision and would develop the find on its own.

Energy and Natural Resources Minister Fatih Donmez said in September that Turkey broke a record last year by producing 38 tonnes of gold.

“Our target for the next five years is to reach an annual 100 tonnes of gold production,” he said at the time.

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