Gold production in Turkey during the last three years is recording an increase at an accelerating pace, where all estimates indicate that it will reach 45 tons by the end of this year, an increase of 7 tons over the level recorded last year, which was estimated at 38 tons, according to what the President of the Association of Turkish gold miners 'AMD' Hasan Yucel revealed in a statement to local Turkish media.
Yucel attributed these expectations to the policy adopted by the Turkish government to encourage private sector investment with strength and the entry of a number of gold production facilities into service at the beginning of this year 2020.
Turkey, which moved from zero production in 2000 according to Yucel statements, managed to produce 338 tons of gold during the last twenty years, exactly between the years "2001 and 2019", while the total potential reserves of gold according to new studies reached 6500 tons, from which Turkey extracted 1500 tons of the mines distributed across the various regions of the country that are seeking to extract them during the next few years.
Turkey has the ability to produce more than 60 tons of gold within the next five years, with the production level within the next 15 years to reach 160 tons due to the Turkish state's continuous efforts to pay with all gold production investments in the country, especially in the private sector, which has reached the value of its investments of $ 1.5 billion in mineral exploration and about $ 6 billion were pumped by interested businessmen to open new facilities.
The Ministry of Energy and Natural Resources in Turkey attaches great importance to this industry through developing plans to support it, as it recently introduced several amendments to the new mining law in order to increase transparency, as some items of the legislative text provide for more facilities in the field of exploration and gold production, along with guidance and licensing management. Exploration and production, and the use of public financing and business operations is expected to be covered with a comprehensive planning strategy in the sector.
Turkey ranked first in the world among the countries that bought most of the yellow metal in the penultimate quarter of last year at 71.4 tons, according to a report by the World Gold Council, in which it stated that the Turkish Central Bank is the most buying gold among its counterparts in the world, with a total reserves of 385.5 tons during That period surpassed Russia, which came second.
In general, Turkey's global ranking in the list of world gold reserves rose from 18th to 16th globally, as this precious metal has become in the range of 19 percent of the total reserves of the Turkish state, which includes foreign exchange, "hard currency" and highly liquid assets.
It should be noted that Turkey's import of between 140 and 160 tons of gold has caused a deficit of between 7 and 8 billion dollars, and the state is seeking to reduce it to about 60 percent during the next few years, relying on great capabilities and high technological capabilities in addition to the technical expertise that it enjoys. Mining sector experts and engineers.
And many followers of investment in the mineral sector confirm the European leadership of Turkey by achieving a qualitative leap in a brief circumstance in the field of gold production, "buried treasure", which purchases of central banks in various countries of the world increased by about 12 percent on an annual basis due to the continuous rise in prices of this precious metal in line and the growing geopolitical risks.