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Turkish fertilizer producer claims found $6 billion gold deposit

Vladimir Basov

Kitco News

Turkish fertilizer producer GÜBRETAS announced on Tuesday that it has found approximately 3.5 million ounces of gold at a mine site belonging to the company and located in the Marmara region of Turkey.

GÜBRETAS chairman Fahrettin Poyraz told Anadolu Agency that at current market prices, the value of gold reserve is around $6 billion.

The company said that the land in the Bilecik province was allocated to a private firm Koza Altin, but the agreement was canceled due to failure to fulfill obligations.

GÜBRETAS established a mining company, Maden AS, in order to operate the mine site.

Mr. Poyraz asserted that the new discovery is among the top five gold mines globally. The gold will be extracted by Maden AS within two years, he added.

GÜBRETAS is known as a subsidiary company of Turkey’s Agricultural Credit Cooperatives.

By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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