Koza Holding will mine 2 tons of gold in 6 years

SDIF Chairman Muhiddin Gulal said that they will bring the 20-ton gold reserve to the economy in six years. The market value of gold is over ₺10 billion.

Muhiddin Gulal, Chairman of the Savings Deposit Insurance Fund (TMSF), said that they will bring the 20 tons of gold in reserve size in Agri Diyadin Mollakara into the economy in 6 years. Stating that Koza Gold has 16 more exploration licenses in Van and Agri, Gulal said, “Our work for permission continues here. We think that we will obtain positive results from the drilling works to be carried out here after those permits are completed. Thus, we believe that both the economic life of our facility and the amount of gold we will extract will increase.”

Answering the questions of journalists after the groundbreaking ceremony of Mollakara Gold Mine in Diyadin District of Agri, Gulal said that the amount of gold produced by Turkey will increase to 100 tons in the next 5 years, and Koza Gold’s production will reach a minimum of 15 tons per year. He emphasized that Koza Gold has 240 exploration licenses and that drilling works are continuing at 38 points. Gulal said: “We have drillings in Kutahya, Canakkale, Sogut, the Black Sea and this region. We are getting positive results. We hope to appear before our people with new good news after these are reported.”


Explaining that the market value of 20 tons of gold in Agri is over ₺10 billion, and the investment to be made in the region will reach ₺1.5 billion, Gulal said, “We will have a return on the investment we made from 2023. In 6 years, we will have brought 20 tons of gold to the economy. As of the last quarter of 2022, gold production will start here.” Reminding that the gold production in Turkey was 42 tons in 2020, Gulal said that 160 tons of imports were made, so more production should be made.


Stating that they produced the mine and restored the region, Gulal said, “We have an example of this in our Bergama facilities. We restored the area where gold was produced and cyanide was used. We produce olives in the region and we market it. I also eat with peace of mind. Every underground value is valuable for this country, we have to extract it.”


Referring to the decisions made by the courts regarding the FETO companies that were transferred to the SDIF, Gulal said: “Erciyes Anadolu Holding, Koza, Aydinli, Naksan and Bakpilic were confiscated. The cases are at the Supreme Court stage, which is the last stage in terms of domestic law. We hope that all these files will be approved within this year. The confiscation decision means that these shares are legally transferred to the Treasury. Therefore, we will have a gold company owned by the Treasury, I hope by the end of 2021…”


Stating that the case regarding Koza Gold in England is continuing, Gulal said, “We have a hearing in July. It is going well. If they do not make a decision in the political context, we will win that case.”


Emphasizing that the companies under the SDIF can be sold in accordance with the current legal regulations when there is a danger in their economic continuity, Gulal said, “If the company makes a profit and generates added value, we have to manage the legal process until it is finalized. In this sense, it is not possible to sell Koza Gold, Erciyes Anadolu Holding, Aydinli. After their legal processes are completed, we are working on different projections. We have companies that we plan to go public or sell.”

Source: Sabah / Translated by Irem Yildiz

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button