Massive gold deposits in Turkey discovered

Photo: Stevebidmead

Turkey decided to investigate the subsoil of the country in search of precious metals, especially gold. And the first good news came from Gubretas, writes Türkiye newspaper.

ISTANBUL (AFP) – Turkey has begun to reap its national energy and mining policy benefits, the newspaper notes.

After discovering new natural gas reserves in the Black Sea, the country found gold reserves of 3.5 million ounces around 100 tons, valued at $6.6 billion USD.

The gold rush has become a source of serious economic problems in Turkey. It is estimated that this finding might be only a small part of a giant reserve hidden underground. Studies showed that the potential for gold underground in Turkey is 6,500 tons. 

Currently, 1,500 tons can be extracted from these reserves, says the Turkish environment. And the value of available reserves is estimated at $405 billion.

According to the latest data, 18 gold mining companies are operating in Turkey. Four projects are in the investment phase, and eight in the feasibility assessment.