Mollakara Gold Mine Opens in Ağrı: To Contribute $2.5 Billion to the Economy
The facility, which is the first production site of Turkish Gold Enterprises under the Turkey Wealth Fund, plans to produce 1 ton of gold this year and 3 tons next year, providing extensive employment to the local population.
The Mollakara Gold Mine, established in the Diyadin district of Ağrı by Turkish Gold Enterprises with an investment of $250 million, was opened with the participation of Vice President Cevdet Yılmaz. The mine aims to contribute $2.5 billion to reducing the current account deficit by producing approximately 17 tons of gold over five years.
Economic Scale of the Investment and Its Impact on the Current Account Deficit
Opened with a ceremony attended by Vice President Cevdet Yılmaz, the Mollakara Gold Mine was established with an investment of $250 million. The facility is expected to contribute $2.5 billion to reducing Turkey's current account deficit with approximately 17 tons of gold to be produced over a five-year period.
Stating that Turkey's annual gold imports exceed 150 tons, Yılmaz emphasized that increasing domestic production is of critical importance for macroeconomic stability. It was noted that production at Mollakara will single-handedly increase the country's annual gold production by 10 percent.
Regional Development and Employment Targets
While 265 people are currently employed at the mining operation, this number is planned to rise to 337 when full capacity is reached. Along with indirect effects, it is aimed to provide employment for 1,500 to 2,000 people in the region, with at least 81 percent of the employees selected from the local population.
Touching upon the importance of the environment of peace and security in the region for private sector investments, Yılmaz stated that economic development in the Eastern and Southeastern Anatolia regions will gain momentum as terrorism is removed from the agenda.
Activities of Turkish Gold Enterprises
Turkish Gold Enterprises, operating under the Turkey Wealth Fund, operates in a total of five different regions, including Ovacık-Çukuralan, Himmetdede, Mastra, Kaymaz, and the newly opened Mollakara. The company plays a leading role in the mining sector with its 6 operations, 4 projects, and 2,643 direct employees.
Following approximately 18 years of exploration and engineering work, the Mollakara facility started open-pit production on June 16, and the first gold pour was made on July 16. The company's total gold production since its establishment has reached 4,811,377 ounces.