DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/cccfe5/turkey_mining_repo) has announced the addition of the "Turkey Mining Report 2011" report to their offering.
Just as Turkey's economy risks overheating with 11% y-o-y growth in Q111, BMI sees the country's mining industry easing on the 8.3% real growth rate seen in 2010 to 4.9% in 2011, when the industry will be worth TRY14.23bn (US$9.17bn). With the potential to become one of the world's leading mining sectors, Turkey continues to attract strong and consistent interest from miners. Turkey's mining sector demonstrated considerable progress on a number of exploration and development pipeline mining projects in the second half of 2010 and the first half of 2011.
UK-based gold exploration firm Ariana Resources was approaching the production of 250,000 ounces of gold equivalent at its Red Rabbit project in Kiziltepe by late January 2011, after expanding its resource base at the site by 25% in October 2010. Ariana is planning to invest US$25mn in the overall development of the gold mine from various external sources.
Canadian miner Eldorado Gold began production at its Efemcukuru site in June 2011, feeding low-grade ore to its mill after obtaining a trial operating permit early that month, the company said. The company's stockpiles at the project reached around 16,000 tonnes of ore at 10.5 grams per tonne gold. Eldorado now holds all permits necessary to produce gold at the project, although the company needs to apply for a full operating permit by June 2012 at the latest.
In a quarter of significant progress for Eldorado, the company also obtained approval for expansion of its Kisladag gold mine to lift annual production by 25% at the site, located southwest of Ankara. The company expects output to reach between 70,000 and 80,000 ounces of gold at Efemcukuru and between 270,000 and 285,000 ounces at Kisladag in 2011.
Alacer Gold completed its pre-feasibility study on increasing production at its pler gold-copper project in March 2011, reports Mineweb. The life of the mine will be increased by 182%. Proven and probable reserves were increased from 2.2mn to 4.6mn contained ounces. Anatolia Minerals Development agreed to merge with Avoca Resources in September 2010, in a deal that would result in Alacer Gold Corporation - a company with a combined market capitalisation of around US$2bn.
Companies Mentioned:
- Alacer Gold Corporation (formerly Anatolia Minerals Development)
For more information visit http://www.researchandmarkets.com/research/cccfe5/turkey_mining_repo