TÜPRAG chief: Turkey’s gold reserves worth $800 bln
Posted by meb at March 28th, 2008
Turkey has a rich potential for mining, according to TÜPRAG Metals Mining General Manager Mehmet Yılmaz. Yılmaz gave a speech at Dokuz Eylül University yesterday on “Turkey’s Gold and Metals Resources.”
He said gold mining could significantly contribute to the economy if the country’s reserves are used properly and efficiently, adding that Turkey has 6,500 tons of gold reserves. He said this was equal to $250 billion at current price levels and that when value added is considered, this value jumps to $800 billion.
However, Yılmaz complained about inefficiency in Turkey’s gold mining. He said the prices of gold and other metals were increasing continuously and that the sector’s contribution to the foreign trade deficit had soared due to high gold imports.
In response to a question about whether gold mining damages the environment, Yılmaz said the first criterion in mining is potential effects on human beings and the environment and that profits are secondary to these concerns. He argued that Turkey’s mines were among the 900 gold mines in the world that operate in compliance with EU norms. “Potential damage to human life and the environment is already taken into consideration,” he stressed. Yılmaz added that rumors arise from time to time — mostly circulated with ulterior motives — that cause important wealth to remain useless underground.
source: Today’s Zaman
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