Gold reserve detected in northwestern Turkey worth around $6B

Gold reserve detected in northwestern Turkey worth around $6B

Around 3.5 million ounces of gold that were detected in the mining field of Turkish Agricultural Credit Cooperatives’ subsidiary Gübretaş in the northwestern province of Bilecik is estimated to be worth around $6 billion (TL 46 billion), its chairperson said Tuesday.

“We are talking about a value of about $ 6 billion when we try to put it in value at today’s prices,” Turkish Agricultural Credit Cooperatives General Manager and Gübretaş Chairperson Fahrettin Poyraz said regarding the reserve in the Söğüt gold mine.

Poyraz told Anadolu Agency (AA) that their recent report to the Borsa Istanbul Stock Exchange (BIST) estimated the gold reserves to be around 3.5 million ounces in the field.

Some 1.92 million ounces of the reserve are currently ready for extraction, he said.

“It is estimated that 1.6 million ounces could be converted into reserves at a rate of 83%,” he said.

The field in question was given in 2008 to be operated by the company Koza Altın but was transferred to Gübretaş in December 2019 following a lawsuit for the cancellation of the contract after the former failed to fulfill its obligation.

Daily Sabah

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