Dr. Fahrettin Poyraz, General Manager of Türkiye Tarım Kredi Kooperatifleri and Chairman of the Board of Directors of GÜBRETAŞ Maden Yatırımları A.Ş., said that the work on the Söğüt Maden Ocağı Projesi (Söğüt Gold Mine Project) is continuing at full speed. Stating that both mining and facility installation activities are ongoing, Poyraz said, “When our facility starts operating at full capacity, we aim to produce around 6 to 7 tons of gold annually. We will cast our first gold bar at the end of 2022.”

General Manager Poyraz conducted an examination of the area where GÜBRETAŞ Maden Yatırımları A.Ş., a subsidiary of the Tarım Kredi Kooperatifleri, found 3.5 million ounces of gold reserves at the mining site in the Söğüt district of Bilecik. GÜBRETAŞ Maden Yatırımları General Manager Halit Semih Demircan and company executives accompanied Poyraz.

Poyraz said that they will carry out the first phase facility installation along with mining operations in 2022. Explaining that they want to cast gold bullion and bring it to the Turkish economy at the end of 2022, Poyraz continued his words as follows;

“We are currently at the GÜBRETAŞ Maden Yatırımları A.Ş. gold mine license area. We are doing several studies here at the same time. As stated, project design studies were carried out and completed. Hopefully, we will accelerate our work after the EIA report is approved by the Minister in the next few weeks. As you know, last week, an urgent expropriation decision was made with the signature of our President and the transfer of ownership of the lands here to the Treasury has begun. After completing these in a few weeks, we estimate that we will quickly start our work here next month, both regarding mining and facility establishment.”

Facility installation continues

Explaining that an urgent expropriation decision was issued with the signature of President Recep Tayyip Erdoğan, and the ownership of the lands in the region was transferred to the Treasury, Poyraz continued as follows:

" 415 privately-owned parcels will be expropriated in the area within the EIA borders of Sırhoca Village. After completing these in a few weeks, we estimate that we will quickly start our work on both mining and facility installation next month. Our goal is to continue the facility installation on the one hand and carry out mineral processing work on the other. In the first phase of the facility installation, which we divided into 3 phases, some of the machinery and equipment orders have already been given. After all the equipment arrives around New Year's, we want to start construction activities, complete the first phase facility installation in 2022, carry out mineral processing work, and pour our first gold bar from here by the end of 2022 and bring it to the Turkish economy."

This will be an important leverage

Poyraz stated that GÜBRETAŞ is currently one of the most important actors in the agricultural sector and said, "The value obtained here is aimed to be reflected to GÜBRETAŞ , Tarım Kredi Kooperatifleri, Turkish farmers and agricultural economy, and thus provide very serious contributions to the Turkish economy. This place will hopefully be an important leverage for us in the coming period. In addition, as Tarım Kredi Kooperatifleri and their affiliates, we will make an effort to reflect the resources here to Turkish farmers to the fullest."

15 percent contribution to Türkiye's gold production

Poyraz also noted the following regarding the amount of gold to be extracted from the field:

"When we complete our investments in the first, second and third phases here and start operating at full capacity, our current planning targets an annual production capacity of around 6 to 7 tons. If we consider that there is an annual gold production of around 42 tons in Türkiye according to 2020 figures, then we will have contributed 15 percent to this 42 tons with our work here alone."

GÜBRETAŞ Maden Yatırımları AŞ General Manager Halit Semih Demircan also stated that the facility construction activities will start shortly after the completion of the EIA report and other procedures, and said, "We aim to realize gold production by the end of 2022."