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Why Turkey?
Native gold is found extensively in quartz veins in hydrothermally altered volcanic rocks throughout Turkey. Gold mining has played a major role in the history of Anatolia, evidence of which can be seen through shallow mine workings dating back centuries at many of the country's major gold deposits, including those at Kiziltepe. Despite this rich history in gold, the last century passed with limited investment in the sector, and as a result Turkey now represents one of the most important new exploration frontiers for gold in the world today. Ariana, having initiated its interest in the country in 2002, was one of the first companies to enter Turkey before this boom in activity. Not only have we maintained our first-mover advantage but we have also been integral to the development of the industry, due to our founder member status with the Turkish Gold Miner's Association.
Geological Overview of Turkey
Turkey lies within a globally significant metallogenic zone, the Tethyan Eurasian Metallogenic Belt (TEMB). The TEMB extends from south-east Europe, through Turkey, Iran, Afghanistan and Pakistan and through to the Himalayas, and hosts some of the worlds largest gold and copper deposits. Within Turkey the TEMB is subdivided into the Anatolide, Pontide and Tauride metallogenic provinces. Most gold deposits in the country are of the epithermal or porphyry-related types and occur primarily in the west, within the Anatolides and in the north east, within the Pontides. The majority of deposits are of Neogene age and are hosted by volcanic rocks.
Recent Discoveries in Turkey
The first recent discovery of gold in Turkey was made in 1988. This discovery became the first modern gold mine in the country; the 1Moz Ovacik gold mine, which began production in 2001 and is now one of the most advanced in the world, maintaining the highest of environmental standards. In 2006, production started at the 5Moz Kisladag gold mine, one of the largest new gold mine developments in Europe.
At present there are four operating gold mines in Turkey, with a further two gold deposits expected to be developed in to mines in the medium term. The country has estimated gold resources of over 23 million ounces contained within nine major deposits.
Turkish Mining Law
The new mining legislation, implemented in 2004 introduced wide ranging reforms aimed at attracting foreign investment. Through the simplification of permitting and operating procedures, repatriation of earnings and the allowance for foreign companies to hold mining rights the sector has seen significant investment over recent years. A competitive state royalty and corporation tax regime, coupled with VAT and custom duty exemptions on gold and silver exploration has created a positive and healthy operational environment. Government support for the mining sector is high and has been clearly demonstrated via its inclusion of incentives for foreign investors in the 2009 tax reforms.
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