Turkey breaks record in gold production in 2019 in history of the Republic

Turkey breaks record in gold production in 2019 in history of the Republic
Posted on: 4 Feb 2020

In 2019, a record in the history of the Republic of Turkey was set in gold production. It was explained by Gold Miners Association (AMD) that gold production increase from 27.1 tons in 2018 to 38 tons in 2019 corresponding to 40 percent increase.

The president of AMD issued a written statement on gold production data for 2019. He pointed out that gold production, which was 27.1 tons in 2018, rose 40 per cent to 38 tons in 2019.

The president emphasized that despite all the controversy and negativity experienced in 2019, Gold production experienced a jump. He said, "It is a pleasing development for our country and our economy. Thus, we beat the gold production record of 33.5 tons in 2013, breaking the record in the history of the Republic in gold production in 2019. Provided there is no negativity in 2020, we anticipate that we will reach a new record with a production of over 45 tons” he said.

Stating that the first gold production in Turkey began in 2001, the president said, "while zero gold was produced in our country in 2000, our gold production started with 1.4 tons in 2001 and steadily increased, reaching a record level of 38 tons in 2019. This record has also boosted the prospects of the sector”.

He also said, “based on scientific studies, Turkey's gold potential was found to be around 6,500 tons and for now, a thousand 100 tons were converted into reserve, 338 tons were produced and inserted into the economy. Turkey, owing to its traditional habits as well, ranks first in the world in the purchase of gold per capita. We have a current account deficit of US$ 7-8 billion due to imports of about 140-160 tons of gold per year. However, by mobilizing its own potential, turkey can easily close 60 percent of this current account deficit due to gold imports in the next few years. We have the potential, the technology and the know-how to make this happen”.

Download our Turkey Homes app now

Available Free on App Store and Google Play



mobile screen mobile screen
mobile screen
WhatsApp Us Contact Us