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Updated 03:02 17/01/21

Gold discovery in Turkey worth estimated $6 billion

By Liam Sheasby, News Editor

14 Jan 2021


A gold mine in the Mount Ida region of Turkey, near the village of Kirazlı in western Turkey.

A gold vein has reportedly been discovered in Turkey, thanks to a fertiliser company operating in the region. The estimated value of such a find could be as high as $6 billion, with up to 99 tonnes (3.5 million ounces) of gold in the vein.

It's no secret that Turkey has been keen to follow in the footsteps of Russia and China and pursue gold – especially when it is under strong pressure from US sanctions and the strength of the US dollar.

According to Fahrettin Poyraz, Turkey's Head of Agricultural Credit Cooperatives, mining will commence within the next 24 months and the state shall use the gold to add to its central bank holdings.

In 2020, Turkey set a new national record by producing 38 tonnes of gold, but the country's Energy Minister, Faith Donmez, has set the target even higher – now aiming for 100 tonnes. Prospecting for gold is a difficult science though, and many mining companies around the world are having to invest significant funds to improve their technology and analysis now that surface mines are nearing exhaustion.

The news broke from the state-owned news agency Anadolu, so like any state broadcaster the news should be taken with a pinch of salt. Similar news broke in India last January, only for it to be called a false alarm in February and an exaggerated finding for the sake of PR. Given the relatively modest value of this gold vein however, the story could very well be accurate, but time will tell whether Turkey has really hit the jackpot.

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