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Untapped Silver Resources in Turkey

May 22, 2018 Comments Off on Untapped Silver Resources in Turkey

Latin American countries like Mexico and Peru are an obvious choice when it comes to the largest silver mines, with both countries producing the majority amount of silver in the world. However, untapped silver resources in booming economies like Turkey are adding a new perspective to the silver market.

In 2010, the third largest Gumuskoy silver mine in the world was located in Turkey, which is also ranked as the 13th largest silver producing nation in the world. Turkey lures investors with an attractive location, thriving economy, a burning desire to utilize its resources and a positive approach towards mining companies wanting to gain permits.

The 17th largest economy in the world, Turkey is the second most promising economy after China. Even during the economic collapse, well-synchronized financial markets and banking systems kept its head above the water. In fact, the economy showed a steady growth of 7.3% in 2010. Turkey brags of modern infrastructure even in remote areas and has some of the best roads in the world. It ranks high on electrical consumption and production, factors that will diminish the cost of production in comparison to economically less developed countries.

Although, FDI was not allowed in the country until 1993, the country is now welcoming foreign mining firms with open arms. Since, the entry of foreign investment in Turkey, the prospects of large mineral reserves in the country will be fully explored. Moreover, mining firms are looking forward to invest in Turkey because of the country’s incredible growth rates. Companies trading in traditional markets like construction and textiles are now ready to take the risk of thinking laterally and buy a stake in mining. It also indicates the growing amount of investment money available with medium sized firms.

Turkey is mainly a copper producing country with a prominent belt of the said metal running through the country. Its silver mining operations are mostly polymetallic with heavy deposits of copper, zinc, lead, and gold found in the mines. Companies are hoping to find reserves similar to the Gumuskoy mine, which is the third largest silver mine in the world.

Some of the prominent polymetallic silver mines in Turkey are Yenipazar gold-silver-zinc-lead mine in the centre of Turkey managed by Alridge Minerals, Red Mountain (Kizildag) mine possessed by Mediterranean Resources Ltd., and the Golcuk, Akarca gold-silver mines owned by Eurasian minerals. With time, Turkey is slowly disclosing its hidden wealth of minerals.

As for silver prices around the world, they continue to climb amidst a rebound in the euro against the U.S. dollar. Prices on silver have also risen sharply in trading due the escalating Iran tensions.

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