Local gold output may reach 50 tons

ANKARA

Turkey’s annual gold production “may easily reach 50 tons within the next two-three years, thanks to new investment projects,” the head of the Turkish Gold Miners Association has said.

The country’s gold production, which was 22 tons in 2017, rose to 27 tons in 2018, Hasan Yücel said in a statement.

He noted that Turkey produced a total of 302 tons of gold from 2001 to 2018.

“Mines are underground treasures. Mining meets the industry’s raw material and intermediate goods requirements,” he stressed.

Rejecting claims of using cyanide for gold digging process in Turkey, Yücel noted Turkish miners use the same methods which are used in the U.S., Sweden, Australia and Canada.

According to Yücel, Turkey imported 3,842 tons of gold during the last 24 years.

In 2017, the country’s gold imports stood at a record 361 tons. Last year, Turkey imported 202 tons of gold.

According to data from the Borsa Istanbul’s precious metals and diamond market, in the first four months of the 2019, Turkey purchased 46 tons of gold from other countries.

In April alone, gold imports were 13.9 tons down from 26.5 tons in the same month of last year.