Construction of the Koza Gold Corporation’s gold mining facility continues in the state of Ağrı, eastern Turkey, in a move that is expected to contribute to increasing the country’s production of the precious metal, to 100 tons annually.
On Thursday, Minister of Energy and Natural Resources Fatih Donmez and Minister of Technology and Industry Mustafa Varank participated in laying the foundation stone for the aforementioned facility, which will cost $160 million to build.
In a related context, Mehmet Yilmaz, Chairman of the Board of Directors of the Association of Gold Mining Owners in Turkey, said that the mining facility, whose foundation stone was laid recently, will contribute to raising the country’s production of the yellow metal, to 100 tons annually.
He stressed the importance of gold investments, describing them as a “strategy” in order to bridge the deficit in foreign trade.
He pointed out that 42 tons of gold were produced last year, with revenues reaching $2.4 billion, according to what Anatolia reported.
He explained that despite the increase in domestic gold production, the country imported $25 billion in gold during 2020, noting that this negatively affected the trade deficit.
He stressed the need to support facilities for extracting and producing the yellow metal, to reduce the trade deficit, indicating that the facilities of this sector extract and produce gold according to international standards.
In a related context, Yilmaz stated that the facility of the “Koza Gold Corporation” for gold mining, whose foundation stone was laid, a few days ago, in the state of Agri, will contribute to raising the country’s gold production to 100 tons annually.
The Minister of Energy and Natural Resources had announced his country’s discovery of gold reserves of 20 tons, valued at $1.2 billion, in addition to 3.5 tons of silver, worth $2.8 million.
Turkey produced 1.4 tons of gold during 2001, while its production of the precious metal reached 42 tons during 2020, which is the highest level in the history of the Turkish Republic.