Turkey Finds Deposits of Gold Worth $6 Billion

According to Turkey news agency Anadolu, the country, which is located in Western Asia, has discovered an enormous gold deposit that holds roughly 99 tons of the valuable metal, which is roughly 3.5 million ounces. The gold deposit is valued at about $6 billion, totaling an estimated Rs 44,000 crore.

The gold deposit was found by Gübretaş, a fertilizer manufacturing firm, and reported by Turkey’s head of the agricultural credit cooperatives Fahrettin Poyraz. The deposit is located in Sögüt, a district and town located in Turkey’s Bilecik Province.

After news of the gold discovery became public, Gübretaş shares rose on the Turkish stock exchange, Borsa Istanbul, by about 10%. Poyraz stated in an interview with Anadolu that in two years, the first extraction of the precious metal would commence, which would add value to the economy of Turkey.

Poyraz stated that Gübretaş had won control of the site from another company in 2019 through a court-mandated decision. He added that Gübretaş was planning to develop the site. In addition to this, Poyraz noted that the company’s target for the coming five years was to attain an annual production of 100 tons.

Late in September 2020, Faith Dönmez, Turkey’s minister of Energy and Natural Resources reported that the country had broken its set target for the production of gold, by producing 38 gold tons.

The value of the recently discovered gold deposits is estimated to be larger than the gross domestic product of some nations. For instance, the GDP of Burundi is projected to be $3.17 billion, Lesotho’s GDP is $2.58 billion, Liberia’s GDP is $3.20 billion while that of the Maldives is pegged at $4.87 billion. This may make the deposit of gold richer than these nations. However, other countries such as Mauritania, Barbados, Montenegro and Guyana have economics that are significantly smaller than $6 billion.

A different development involving the inflow of funds into Turkey is the rehabilitation of the refugees from Syria. The European Union plans to inject nearly $590 million, which will be used to help over 1.8 million refugees and educate 7 million children. These programs are being managed by the Turkish Red Crescent in partnership with the Red Cross and UNICEF.

In the United States, Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) is a trendsetter in its own right. This Colorado-based firm is not only the largest uranium producer in the country, but it is also venturing into the production of badly needed rare earth elements.

NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU

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