Turkey hosts some of the worlds largest gold deposits with reserves of 800 Tonnes and predicted resources of 5,700 Tonnes (TGMA 2014).  Of the known deposits there are currently 7 active gold mines.  Turkey’s gold mining sector has grown consistently over the past 10 years and now leads production in Europe.

 

Turkish Gold Mining a Brief History

1985: Mining Law 3213 attracts first large-scale foreign investment enabling the discovery of several large gold deposits during the late 80s and early 90s

1997: Ovacık becomes first modern gold mine in Turkey - discovered in 1989, it first enters production in 1997 under Normandy Mining (full-scale production in 2001)

2001: Bull market for gold from 2001 encouraging worldwide investment in exploration and development companies.

2002: Stabilising and supportive economic policies of the Turkish government introduced from 2002

2004: Mining Law change 5177 introduces several significant and supportive aspects for the development of the industry

2005: Koza Gold acquires Ovacık from Newmont and becomes the first home-grown Turkish gold miner

2006: Kışladağ  becomes Turkey’s first heap-leach gold mine - discovered in 1992, it enters production in 2006 under Eldorado Gold

Turkish Gold Operators/Explorers

Koza Gold

Tuprag Metal Madencilik

Pontid Madencilik (European Goldfields/Ariana Resources operating subsidiary)

Galata Madencilik (Ariana Resources operating subsidiary)

Foreign Gold Operators/Explorers

Eldorado Gold

Ariana Resources

European Goldfields

Meditteranean Resources

Chesser Resources

Stratex International

Kefi Resources

Alamos Gold

Aldridge Minerals

 

Gold Bullion Prices

gold bars

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