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Precious Metals Mining in Turkey to 2020 - a Focus on the Gold Industry

Published By :

Timetric

Published Date : Sep 2014

Category :

Mining

No. of Pages : 31 Pages

Synopsis

The Precious Metals Mining in Turkey to 2020 – a Focus on the Gold Industry report comprehensively covers the country’s historical and forecast data on gold mine production to 2020, production by province and reserves (also by region). The report also includes drivers and restraints affecting the industry, profiles of major precious metals mining companies, information on the major active, development and exploration projects and regulations governing the industry.

Executive summary

Turkey leads in European gold production and is likely to be a prominent future global gold producer. In 2013, according to the Turkish Gold Miners Association (TGMA), the country accounted for approximately 1.2% of global gold mine production, or 1.2 million ounces – an increase of 13.2% over the previous year – although the country has to scale up to 1.8 million ounces (50 tonnes) by 2015 in order to be among the world’s top 15 gold producers. Turkish gold mine production is forecast to grow at a compound annual growth rate (CAGR) of 9.5% over the forecast period (2014–2020), to reach 2.1 million ounces in 2020.

Scope

The report contains an overview of the Turkish gold mining industry together with the key growth factors and restraints affecting the industry. It also provides information about reserves, production, prices, competitive landscape, major active, exploration and development projects and the fiscal regime of the country.

Reasons to buy

Gain an understanding of the Turkish gold mining industry, the relevant drivers and restraining factors, reserves, historical and forecast production, global gold prices, competitive landscape and the fiscal regime.

Key highlights

  • Turkey is competitively placed in terms of its geographical location with significant mineral deposits and potential for newer discoveries, with only Western Turkey in particular having been comprehensively explored until now.
  • The country has strong academic infrastructure with 21 mining engineering departments in 19 cities and has managed to attract huge foreign direct invest (FDI) into exploration, development and active projects, to the tune of US$250 million in 2013. 
  • Its substantial mineral reserve base is a big attraction for foreign investors and the rapid expansion of the gold mining industry was the chief stimulant behind foreign investments in 2013.
  • The Turkish mining industry is struggling with legal uncertainty caused by a rapid change in court decisions and inconsistent implementation of governmental regulations. The Mining law was changed twice in 10 years, although environmental legislation and reporting requirements are continuously changing.
Table of Contents

1 Executive Summary 1

2 Precious Metals Mining In Turkey 6
2.1 Country Overview 6
2.2 Mining Overview 6
2.3 Precious Metal Mining in Turkey – Drivers 7
2.4 Precious Metals Mining in Turkey – Restraints 7

3 Gold Mining in Turkey – Reserves and Production 9
3.1 Reserves by Grades and Geographic Regions 9
3.2 Historical and Forecast Production 10
3.2.1 Total production, by province 12
3.3 Gold Prices 13
3.4 Total Production by Major Mines 14
3.5 Major Exploration and Development Projects 15
3.6 Turkish vs. Global Gold Mine Production 16

4 Competitive Landscape 17
4.1 Koza Altin Isletmeleri AS 17
4.2 Alacer Gold Corp. 17
4.3 Eldorado Gold Corporation 18
4.4 Ariana Resources 19
4.5 Alamos Gold Inc. 20

5 Fiscal Regime 22
5.1 The Turkish Mining Industry – Governing Body 22
5.1.1 Ministry of Energy and Natural Resources 22
5.2 The Turkish Mining Industry – Governing Law 22
5.3 The Turkish Mining Industry – Mining Ownership and License Types 22
5.3.1 Ownership of minerals 22
5.3.2 Mining license 22
5.3.3 Exploration license 22
5.3.4 Operation license 22
5.3.5 Operation permit 22
5.4 The Turkish Mining Industry – Mining Rights and Obligations 23
5.4.1 Rights 23
5.4.2 Obligations 24
5.5 The Turkish Mining Industry – Key Fiscal Terms 24
5.5.1 Duties and security deposit (guarantee fee) 24
5.5.2 Royalty rates 24
5.5.3 Corporate tax 25
5.5.4 Capital gains tax 25
5.5.5 Loss carry forward 25
5.5.6 Property tax 25
5.5.7 Withholding tax 25
5.5.8 Tax incentives 25
5.5.9 Stamp duty 25
5.5.10 Motor vehicle tax 25
5.5.11 Depreciation tax 26
5.5.12 Value added tax (VAT) 26

6 Appendix 27
6.1 What is this Report About? 27
6.2 Methodology 27
6.3 Secondary Research 27
6.4 Primary Research 28
6.5 Contact Timetric 28
6.6 About Timetric 28
6.7 Timetric’s Services 29
6.8 Disclaimer 30

List of Table

Table 1: Precious Metals Mining in Turkey – Gold Reserves and Resources, 2014 9
Table 2: Precious Metals Mining in Turkey – Gold Mine Production (Thousand Ounces), 2000–2020 12
Table 3: Precious Metals Mining in Turkey – Major Active Mines (Thousand Ounces), 2014 14
Table 4: Precious Metals Mining in Turkey – Major Exploration Projects (Thousand Ounces), 2014 15
Table 5: Precious Metals Mining in Turkey – Major Development Projects (Thousand Ounces), 2014 15
Table 6: Precious Metals Mining in Turkey – Koza Altin Isletmeleri AS, Major Projects, 2014 17
Table 7: Precious Metals Mining in Turkey – Alacer Gold Corp., Major Projects, 2014 18
Table 8: Precious Metals Mining in Turkey – Eldorado Gold Corporation, Major Projects, 2014 19
Table 9: Precious Metals Mining in Turkey – Ariana Resources Plc, Major Projects, 2014 20
Table 10: Precious Metals Mining in Turkey – Alamos Gold Inc., Major Projects, 2014 21
Table 11: The Mining Industry in Turkey – Withholding Tax Rates (%), 2014 25
Table 12: The Mining Industry in Turkey – Depreciation Tax Rates (%), 2014 26

List of Chart

Figure 1: Precious Metals Mining in Turkey – Distribution and Classification of Gold Deposits 10
Figure 2: Precious Metals Mining in Turkey – Gold Mine Production (Thousand Ounces), 2000–2020 11
Figure 3: World Nominal Gold Prices – US$/oz (2000–2013) 13
Figure 4: World Nominal Gold Prices – US$/oz (2013–2020) 14
Figure 5: Gold Mining in Turkey – Turkish vs. Global Gold Mine Production (%), 2013 16

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