Skip to content Skip to Search
Skip navigation

Turkey opens $500m facility to boost processing of gold reserves

Unsplash.com
Around 109 tons of gold was discovered in Sogut district at an estimated value of $6.38bn

Turkey’s President Recep Tayyip Erdogan has opened the first phase of a $500 million gold mine facility that will process reserves found in the northwestern Bilecik province, Daily Sabah newspaper reported.

Around 109 tons of gold was located in Bilecik’s Sogut district in December 2020 at an estimated value of around $6.38 billion.

Erdogan said that the project’s first stage had been completed with an investment of around $70 million. The three-staged investment in the gold mine in Sogut is planned to reach $500 million.

“In the first stage, this facility will operate with an annual gold production capacity of up to 2.5 tons,” he said.

The facility is expected to reach up to 6.5 tons in the later stages, accounting for nearly 15 percent of the country’s annual gold output.

“We plan to finalise investments in the remaining two phases within three years. Thus, we will hopefully increase the annual production amount to about 6.5 tons,” the president added.

According to the news report, Turkey produced 42 tons of gold in 2020, contributing $2.4 billion to the exchequer. 

Erdogan said there are plans to boost domestic gold production through new discoveries.

“We need to use the potential of our country in gold, just as we are doing in every field, at the highest level in order to ensure a balance in our foreign trade,” he said.

Latest articles

Men walk past an HSBC branch in Manama. HSBC Bank Middle East made pre-tax profit of $1.2bn in 2023

HSBC’s Middle East unit increases lending in Q4

HSBC’s Middle East subsidiary expanded its loan book in the fourth quarter, outperforming the bank’s other units. Customer lending at HSBC Bank Middle East was $20 billion on December 31, up $1.6 billion, or 8 percent, on three months earlier. Worldwide, HSBC’s customer lending fell by 2 percent over the same period. The Middle East […]

Abdullah Binghannam, deputy head of financing and investment at the Capital Market Authority, spoke on the second day of the forum in Riyadh

Saudi Arabia prods blue chips to list more shares

Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre.  Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […]

Al Jaber and IAE representatives met in Paris and discussed ways to support climate change commitments

Take action to keep climate goal in reach, urges Al Jaber

The UAE consensus achieved at the Cop28 summit in Dubai set a clear roadmap for keeping global temperature rise to within 1.5C. Now the world must turn the plan into action and results, said Cop28 president Sultan Al Jaber.  Al Jaber told the International Energy Agency roundtable in Paris on Tuesday that all stakeholders must […]

Bahrain investments Manama skyline

Financial services help Bahrain to record $1.7bn in investments

Bahrain attracted more than $1.7 billion in investments last year through its government-backed investment company. The financial services sector was the main driver. The figure, released by the Bahrain Economic Development Board, was 55 percent up on 2022. The investments covered 85 local and international projects, which are forecast to create 5,700 jobs in Bahrain […]