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Turkey discovers $6bn gold reserve, report says

A worker shows a gold bar ready for sale in Istanbul Gold Refinery, after being melted in the refinery, on February 10, 2009. After the Turkish Lira gained in value against the gold price, Turkish people start selling their homestocked gold. AFP PHOTO / MUSTAFA OZER (Photo credit should read MUSTAFA OZER/AFP via Getty Images)
A worker shows a gold bar ready for sale in Istanbul Gold Refinery, after being melted in the refinery, on February 10, 2009 [MUSTAFA OZER/AFP via Getty Images]

Turkey discovered a major gold reserve in the midwest town of the country holding an estimated 3.5 million ounces (99 tonnes) of the precious metal valued at around $6 billion, the Anadolu state news agency reported yesterday.

According to the report, the head of the Agricultural Credit Cooperatives of Turkey and the Gübretas fertiliser production firm Fahrettin Poyraz reported the discovery in the midwestern town, Sogut.

"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."

Meanwhile, Energy and Natural Resources Minister Fatih Dönmez 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.

Last October, Turkey's central bank accumulated 5.9 million oz of gold ytd (worth $16 billion), its stock is now behind only China and Russia.

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