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Turkey discovers new $1.2bn gold reserves

Turkish Industry and Technology Minister, Mustafa Varank in Istanbul, Turkey on September 06, 2020. [Esra Bilgin - Anadolu Agency]
Turkish Industry and Technology Minister, Mustafa Varank in Istanbul, Turkey on September 06, 2020. [Esra Bilgin - Anadolu Agency]

Turkey discovered around 20 tonnes of gold with a market value of $1.2 billion (10.2 billion lira) and 3.5 tonnes of silver reserves with a market value of $2.8 million in the eastern Agri province, Industry and Technology Minister Mustafa Varank announced yesterday.

According to reports, Varank referred to the discovery of the reserves as an important development for both Turkey and the region.

"The reserve found has a much richer content compared to similar mines in our country, with a grade value of 0.92," he said.

The government, he said, has transformed the gold mining sector after it took it over with zero production capacity and turned into a huge sector with an investment volume of $6 billion, employing 13,000 people.

Last week, President Recep Tayyip Erdogan also announced the discovery of gas in Black Sea Region which will help to cover the country's needs and make it independent in terms of energy.

READ: Turkey discovers additional 135bn cubic metres of gas in Black Sea

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Europe & RussiaNewsTurkey
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