Turkey Number One Gold Producer in Europe

Turkey takes top spot in gold production

With 17 tons, Turkey is now the number one gold producer in Europe.

According to calculations by the precious metals consulting firm GFMS and the Gold Miners Association, the Istanbul Gold Exchange has produced 82 tons of gold in the past ten years.

While gold production in Turkey in 2001 was at 2.1 tons, in 2010 that same figure was multiplied by 7.1 times reaching 17 tons. Taking into consideration European Union nations, Turkey takes the top spot with 17 tons of gold production.

Turkey is followed by Sweden with 6.3 tons, Finland with 5.7 tons, Bulgaria with 2.5 tons, Poland with 0.8 tons and Greece which produces 0.6 tons of gold. The remaining EU countries’ gold production was realized at 1.7 tons. The combined total of gold production in the EU was at 34.6 tons. 

In 16 years, Turkey has spent 120 billion dollars on gold… In 16 years, Turkey’s total gold imports have been 2,642 tons which equates to 120 billion dollars. On average, Turkey has spent seven billion dollars a year on importing gold.

In 1995, Turkey imported 65 tons of gold a year. From the year 2000 on, gold imports followed a wavering trend. In 2001, Turkey imported 103 tons of gold and in 2005, 269 tons. There was a significant recession in gold imports seen in 2009 and 2010, with 38 tons and 42 tons imported respectively.

Global gold production

Upon inspection of gold production last year, it is seen that a total 2,689 tons of gold was produced. The leading country in gold production in China with 351 tons, followed by Australia with 260.9 tons and the United States with 233.9 tons produced. While Turkey is the highest gold producing country in the EU, it has not placed amongst the top 20 worldwide.

Last year’s gold production figures are as follows:

COUNTRIES – AMOUNT OF PRODUCTION (tons)————- —————–China 351.00Australia 260.90USA 233.90Russia 203.40South Africa 203.30Peru 162.00Indonesia 136.60Ghana 92.40Canada 92.20Uzbekistan 71.00Papua New Guinea 70.50Mexico 69.90Brazil 68.30Argentina 63.50Mali 44.60Tanzania 44.60Philippines 40.80Chili 38.40Colombia 33.00Kazakhstan 26.90Other Countries 381.70—————– —————–TOTAL 2688.90

04.10.2011

SOURCE: SABAH ENGLISH