Gold reserve detected in northwestern Turkey worth around $6B

By Trend

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

“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 Gubreta? Chairperson Fahrettin Poyraz said regarding the reserve in the Sogut 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.

Poyraz stressed the Sö?üt gold mine is among the important mines in the world.

“We will bring the value we get from here to Gübreta? and bring it to the Turkish agriculture and economy with renovation investments and new investments in the company’s facilities. Our technical preparations and financing work continue rapidly,” he noted.

“We aim to extract the first gold in two years and turn it into value for the Turkish economy,” Poyraz concluded.