New Mining Law Starts Gold Rush Across Turkey

Source: Today's Zaman, Ercan Yavuz (11/22/10)

"As of October 2010, 26 companies are scouring Turkey for gold."

Amendments to the Turkish Mining Law in June 2010 and the stable increase in gold prices over the past two years globally have increased businesses and entrepreneurs' interest in gold mining.

Following the changes made to the law, which make it easier for potential gold miners to enter the business, 26 companies have applied to the General Directorate of Mining Affairs for gold mining permits. In the past eight years, 43,152 permits have been issued and the earnings from these permits have so far reached TL 214.2 million.

Businesses that became interested in mining after gold prices hit record levels during the past two years applied for and received surveying permits in Balıkesir, Çanakkale, Kırşehir, Bilecik, Uşak, Kütahya, Erzurum, Gümüşhane, İzmir and Artvin. Eleven companies are looking for gold in Çanakkale's Kaz Mountains, where gold reserves are estimated at 300 tons. According to data from the General Directorate of Mining Affairs, there are 26 companies, both national and foreign, looking for gold as of October 2010. Before the amendments in June 2010, there were only nine companies searching for gold.

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