Sitting on a Gold Mine/Turkey's potential for mining is not just about gold--but gold is the magnet for most overseas mining companies

摘要

With prices of the precious metal at historical peaks, Turkey has become a destination of choice for gold mining companies, encouraged by the political stability and the favorable business climate brought in by the new Mining Law. It is estimated that 65 percent of the Turkish territory is suitable for exploration, in a country that is extremely hungry for gold. In 2007, the value of the 239 tons of imported gold bar amounted to 5.8 billion dollars. Turkey counts two large gold mines in operation, Ovacik and Kisladag, although the latter was closed by the courts last summer. Ovacik has been in Turkish hands since Koza Gold acquired Normandy's shares from Newmont in 2005. Annual production is around 5.5 tons of gold. "We have grown since 2005 to become a cash generating company with two mining operations, Ovacik and Havran, and one processing mill. Our aim is to keep growing and become the biggest gold producer in Turkey. Moreover, if we see opportunities abroad, in Asia or Africa, we will take them," said Ismet Sivrioglu, Koza Gold general manager.