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Gold worth $6 billion discovered in Turkey; mining to start within two years

Turkey has already broken its record in 2020 by producing a total of 38 tonnes of gold, while Energy Minister Faith Donmez had set an annual target for gold production of 100 tonnes earlier this year in September

twitter-logoBusinessToday.In | December 24, 2020 | Updated 22:02 IST
Gold worth $6 billion discovered in Turkey; mining to start within two years

Turkey has stumbled upon a huge gold deposit weighing as much as 99 tonnes, with valuation touted to be around $6 billion, more than the GDP of some countries.

As per the state-run news agency Anadolu, the deposit was discovered by Gubertas - a fertilizer manufacturing company - along with Fahrettin Poyraz, head of the country's Agricultural Credit Cooperatives.

After the news came out, shares of Gubertas surged 10 per cent on Borsa Istanbul - the Turkish stock exchange. Poyraz informed Anadolu that the first extraction of gold is to take place within two years, adding value to the Turkish economy.

Turkey has already broken its record in 2020 by producing a total of 38 tonnes of gold, while Energy Minister Faith Donmez had set an annual target for gold production of 100 tonnes earlier this year in September.

The value of the recently discovered gold deposit is estimated to be greater than the GDP of some countries. According to Worldometer, the GDP of Maldives is $4.87 billion, while that of Burundi is pegged at $3.17 billion. While this makes the gold deposit richer than these countries, others like Barbados, Guyana, Montenegro, and Mauritania have economies much smaller than $6 billion.

Another development involving the influx of funds in Turkey is the rehabilitation of the Syrian refugees in the country. The European Union (EU) is planning to inject about $590 million in cash in order to help more than 1.8 million refugees, as well as to educate more than 7 lakh children. The programs are being run by the Turkish Red Crescent in collaboration with UNICEF and the Red Cross.  

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