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Turkiye's Untapped Gold Reserves Valued At $300B: Treasure Trove

Published on : 25-06-2024

Turkiye's Untapped Gold Reserves Valued At $300B: Treasure Trove

Turkiye is said to have a gold mining potential of a smooch as 6500 tons, with a prominent portion of it yet to be extracted, according to a top industry official who stressed the immense value of untapped resources and their potential for contributing to the economy.

"We know the location of 1500 tons of this potential and have already started production," Mehmet Yilmaz, head of the Turkish Miners Association TMD, said, "There are 5000 tons still waiting underground, valued at approximately $300 billion."

Yilmaz emphasised the potential economic benefits of domestic gold production, particularly in mitigating inflationary pressures.

Gold imports have been one of the main factors and reasons fueling Turkey's foreign trade and current account deficits that the government has sought to curb through multiple policies spearheaded by aggressive monetary tightening over the past year. It also implemented a partial suspension of gold imports in mid-February 2023 and later announced import quotas and additional charges to lower the deficits and rebuild central bank reserves. Turkiye has a vast history of domestic gold ownership in jewellery and investment forms and is one of the largest global gold markets. It stubbornly elevated inflation and depreciation in the Turkish lira field, as well as the demand for gold by households over the recent years. This also prompted a culture of out-of-system savings, often called "under-the-pillow" savings.

The authorities have sought to persuade households to integrate these savings, particularly gold, into the economy but have struggled to develop convincing financial products. Some $31 billion were spent on gold imports in 2023 compared to just $12 billion in exports, resulting in a $19 billion trade gap. The demand for gold has subsided after last year's presidential and parliamentary elections.

"When the central bank exercises its preemptive right to purchase the gold we produce, it pays us in the lira. This is where the local production impacts inflation because otherwise, the gold would have to be bought with dollars," Yilmaz said.

He was talking at a meeting with a group of journalists in Ankara. Inflation reached an annual 75% in May, which is said to mark the peak before rate hikes and a relatively stable lira bring relief. According to Yilmaz, the mining sector needs regulatory reforms to expedite mining permits and boost production. Over the past decade, mining exploration licenses have plummeted from 40,000 to 5,000.

 Green Change

While discussing the impact of the global green transition, Yilmaz predicted a substantial increase in need and demand for mined resources. "The green transition will increase the need for mining ninefold. As we move away from fossil fuels and toward more renewable energy sources, we will need to produce more batteries, store electricity, and manufacture solar panels and wind turbines," he said. "This translates into a significantly higher demand for industrial and precious metals like lithium, cobalt, nickel, copper, and even gold."

 Enhancing value from boron reserves

Yilmaz also addressed Turkiye's position as a global leader in boron, which is estimated to hold approximately 70% of the world's reserves of crucial material. He underscored the potential economic benefits of processing boron into high-value end products. "Instead of selling boron as ore or intermediate products," Yilmaz said, "we can generate significant added value by producing intermediate or finished goods." "A ton of raw boron is valued between $300 and $500. The price can rise to $4000 per ton if processed into intermediate products. By advancing technologies such as glass and armour production domestically, the value of boron could reach $500,00 per ton," Yilmaz noted. Yilmaz also addressed the relevance of establishing an independent oversight mechanism within the mining industry to ensure compliance with safety standards. He said that continuing to use sustainable mining principles has reduced workplace accidents. "We need clear standards for all stages of mining and a self-regulating, independent auditing system," he urged.

#turkeynews #news #worldeconomy #greenchange #economicdevelopment #mining

News Source : Google News

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