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Despite the long history of mining in Turkey, almost 9,000 years, the country represents one of the most important new exploration frontiers for gold in the world today. As relatively little modern exploration for gold has occurred and given the undisputed geological potential coupled with a politically and economically stable environment, the country represents a unique opportunity for gold exploration on the doorstep of Europe.
In the last few years the number of exploration companies operating in Turkey has increased from 6 in 2002 to 23 in 2007. Ariana, having initiated its interest in the country in 2002, was one of the first companies to enter Turkey before this boom in activity, and it continues to carry its first mover advantage.
Geological Overview
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
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 16 million ounces contained within nine major deposits.
Mining Law
The new mining law, implemented in 2004, has provided further encouragement for investment in the sector. This law, coupled with other pertinent modifications of the legislative framework, has amplified foreign participation in the mining sector. A competitive state royalty and corporation tax regime, coupled with certain VAT exemptions on gold and silver exploration has created a positive operational environment. Government support for the mining sector is also high.
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