Turkish Gold Output Hit All-Time Peak Last Year

SEATTLE (Scrap Monster): The gold production by Turkey during the previous year touched all-time highs, said an announcement by the country’s Energy and Natural Resources Minister.

According to Fatih Donmez, the country’s gold production totalled 42 metric tons in 2020. The annual gold production contributed approximately $2.4 billion to Turkish economy. The production levels broke the previous record of 38 tonnes witnessed in 2019.

The country has been making significant investments in gold sector, which has started to yield results now. Apart from being a key economic driver, the gold sector also supports thousands of jobs. Currently, it employs nearly 13,000 people. Turkey has 18 operating gold mines at present. In addition, around 20 new projects are in pipeline, awaiting investment. Upon realization of the above projects, Turkish gold production is expected to touch 100 tons.

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The gold production by Turkey has recorded unprecedented growth, climbing from levels of barely 1.4 tons in 2001 to as high as 33.5 tons in 2013. Over the past 20 years, the country has produced 382 tons of gold, generating substantial tax revenues. The production had recorded decline from 2014 through 2017. However, it resumed its upward journey in 2018.