Gold production, Turkey breaks record in 2019

Turkey with gold production began in 2001 when production was 1.4 tonnes. This rate steadily rose to a record 335 tonnes in 2013 when 7,500 people were employed in the country's gold - producing sector.

Gold production in Turkey fell from 2014 to 2017, but rose to 27.1 tonnes in 2018 and rose by about 40 percent from this year, reaching 38 tonnes in 2019, according to AMD data.

“This year, gold production is estimated to increase over 45 tonnes to achieve a new high-level record”, AMD chairman Hasan Yucel said in a statement.

) “contains potential reserves of 6,500 tonnes”

Yucel said Turkey produced a total of 338 tonnes of gold between 2001-2019, but based on scientific studies, there are potential reserves of 6,500 tonnes, of which so far 1,100 tonnes have been mined.

While about 10,000 people have been employed in Turkey today in the gold-making sector, according to Yucel, domestic gold production can also make a greater contribution to the economy by lowering the current account deficit.

The import of 140-160 tonnes of gold annually creates a deficit of $7-8 billion. Turkey can easily erase 60 per cent of this in the coming years, because it has the potential, technology and knowledge”, he explained.

Yucel argued Turkey is one of the best countries in the world in terms of per capita gold purchases.

Turkey's gold imports were in 202 tonnes in 2018, according to AMD data.