With 42 tonnes of gold produced in 2020, Turkey added $2.4 billion to its economy.
Sharing a tweet on Twitter, Turkey’s Ministry of Energy and Natural Resources revealed how the country’s gold production has peaked in the last five years.
As per the data provided by the ministry, Turkey has produced more than 154 tonnes of gold in the last 5 years, reaching a peak in 2020 of 42 tonnes.
On 4 February, Energy and Natural Resources minister Fatih Donmez said that Turkey aims to reach 100 tonnes of annual production within five years and to be among the ten countries that produce more than 100 tonnes annually in the world.
Turkey started to extract gold in 2001, which stood at 1.4 tonnes. In the 20 years since, Turkey produced 382 tonnes of gold which has helped Turkey obtain tax revenues equivalent to 76 tonnes of gold.
The growth of the gold industry has seen Turkey invest $6 billion, with the sector employing more than 13,000 people to date.
Minister Donmez previously highlighted the huge savings that could be made in gold imports, which last year showed a year-on-year 123 percent increase to $25.2 billion.
“This could be achieved through Turkey producing the equivalent of half of its gold imports while ensuring that $12.5 billion would stay in the country,” the minister said.
A total of 18 gold mines are in operation currently, while 20 new mine projects are awaiting investment.
The 42 tonnes of gold produced in 2020 made a $2.4 billion contribution to the country’s economy.
Although gold output fell from 2014 through 2017, it climbed to 27.1 tonnes in 2018 and increased around 40 percent to reach 38 tonnes in 2019, according to the Turkish Gold Miners Association (AMD).
AMD previously said that Turkey had produced nearly 340 tonnes of gold between 2001 and 2019, but based on scientific studies, potential reserves total 6,500 tonnes, from which 1,500 tonnes have been extracted so far.
Gold mining has been a major economic driver for many countries across the world. Well-managed, transparent and accountable resource extraction can be a major contributor to economic growth due to the creation of domestic employment and business opportunities.
As well as direct, indirect jobs and employment, gold mining also brings foreign direct investment, foreign exchange and tax revenues to countries.
Often operating in remote locations, gold mining companies invest in the infrastructure and utilities of the region in which they operate - this assists the development of roads, water and electricity supplies.
World’s biggest gold producers
Gold is one of the rarest elements in the world, making up roughly 0.003 parts per million of the earth’s crust. So, how much gold is the world digging up each year and which countries produce the most?
In 2020, Global production reached approximately 3,200 metric tons. China, Australia, Russia, and the US are some of the largest producers of gold in the world.
China was the top producing nation, accounting for 11 percent of the global mine production, or 380 tonnes. Russia followed with its production of 329.5 tonnes, while Australia is ranked third with 325.1 tonnes.
After the US, rounding up the top ten producers are Canada, Peru, Ghana, South Africa, Mexico and Brazil.