Turkish Gold Output to Hit Fresh Record in 2020

SEATTLE (Scrap Monster): The Turkish gold production is set to hit fresh record in 2020, breaking the all-time production record set in 2019. This is as per estimations provided by the Turkish Gold Miners Association.

According to Hasan Yucel, Association President, the country’s gold production by the end of the current year is expected to surpass the historic highs achieved in 2019. He projected the total gold output in 2020 at 45 tons, significantly higher when compared with the record output of 38 tons in 2019. The projected higher output is mainly on account of the large number of production facilities that have become operational at the beginning of 2020.

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The increased private sector investment is expected to further boost gold output during the current year. The country has seen private sector investment of nearly $1.5 billion in mineral exploration and $6 billion in facilities, Yucel added. The recent changes to the mining law are likely to bring in more transparency to mining sector.

Currently, Turkey imports around 140-160 tons of gold every year, which badly impacts the country's current account deficit (CAD). The country aims to produce 60 tons of gold within next five years. Also, production is expected to touch 160 tons within next fifteen years, thus avoiding the need for imports. Incidentally, Turkey is the biggest gold producer in Europe.