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Record levels of Turkey’s gold production expected in 2010
The report explains that while Turkey has been the top gold-producing nation in Europe since 2006, its gold production could in fact rise to 38 tons in 2010, making it a global leader in gold production. Turkey's gold production contracted from 5.3 tons in 2003 to 3.2 tons in 2004, it then proceeded to break new records in subsequent years.
In 2005, Turkey produced 4.1 tons of gold, in 2006 it produced 8.1 tons, in 2007 it produced 9.2 tons and in 2008 it produced 11.1 tons of gold. Experts believe that Turkey will produce 16 tons of gold this year.
The same report also states that while the current total global reserves of workable gold are 49,000 tons, a full 6.5 percent of this is currently being produced by the nations of China, South Africa, the US, Australia and Indonesia. These world leaders in gold production carry out 46 percent of annual global production.
Turkey has 700 tons of gold reserves, and the report notes that based on Turkey's geological nature, modeling predicts that Turkey could actually have a gold potential of around 6,500 tons. The report further notes that with such reserves, Turkey could become second globally in terms of the volume of its reserves and that as such, important steps should be taken by 2010 in order to clearly determine the volume of the nation's gold reserves. In addition to the gold production centers of Izmir Bergama Ovacık, Balıkesir-Havran, Gümüşhane-Mastra Altın and Uşak Altın, four new production centers are to be opened by the end of the year. In terms of Turkey's own demand for gold, the report notes that Turkey imports some 200 tons annually, and that Turkey follows only India in terms of production of gold jewelry. Currently, the gold production sector in Turkey imports an average of $5 billion worth of gold a year. Turkey paid $5.14 billion in 2007 for 231 tons of imported unfinished gold, while in 2008 it paid $4.65 billion for 168 tons of unfinished gold.
It is expected that the amount of gold imported into Turkey this year will be around 180-190 tons, while the country is expected to sell around $1.5 billion of finished gold to other countries.
Though experts have already determined that Turkey has 700 tons of usable gold reserves, an investment of $10 billion is necessary in order to locate some 5,800 tons of potential reserves. But at this point, Turkey has allocated and can spend only $30 million annually to look for gold reserves. The report notes also that a $10 billion investment in Turkey would in fact place this nation among the world's top gold-producing nations.
The report also notes that recent moves by Turkey on the gold production front have confirmed Turkey's position within Europe as a top gold producer, and that as such, Turkey may also rise among global leaders of gold production.
The report from the Ministry of Energy and Natural Resources also points to the fact that Turkey's own gold resources currently fulfill only 5 percent of its demand, the rest of which is filled by imported gold, but experts hope to see this percentage raised to 10 percent during 2010.
The report also notes that the use of public resources for the needed investment in the gold sector is not possible and that instead private capital should be attracted to Turkey to make the necessary investments in the search for further gold reserves.
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