Turkey discovers massive 20-ton gold reserve, 3.5-ton silver reserve: minister

Turkey has discovered a massive 20-ton gold reserve in the eastern province of Agri, a minister announced on Thursday.

The find is estimated to be worth around $1.2 billion, Minister of Industry and Technology Mustafa Varank said at a ceremony at gold mining firm Koza Altin's new Agri facility.

"Turkey, which in the early 2000s was unable to produce even one gram of gold, last year produced 42 tons of gold in 18 active mines despite the pandemic," Varank was quoted by Turkey's Anadolu Agency as saying.

The minister added that gold production has contributed towards reducing the country's deficit by $2.4 billion annually.

Varank also announced the discovery of a 3.5-ton silver reserve in the same region. The reserve is estimated to be worth $2.8 million.

Koza Altin's new $160 million facility in Agri will create around 2,000 jobs, Varank said at the groundbreaking ceremony.

He added that gold casting is expected to begin towards the end of 2022.