BY VAHAP MUNYAR
Operating under the umbrella of the Savings Deposit Insurance Fund (TMSF), Koza Gold Corporation has kicked off a USD 160m facility in Mollakara, Agri, in order to extract and process gold and silver. “20 tonnes of gold and 3.5 tonnes of silver reserves have been discovered in the region following 197 drillings,” said Minister of Industry and Technology Mustafa Varank at the groundbreaking ceremony. The facility will also have a processing plant and provide 500 direct and 2,300 indirect jobs. Production is expected to begin at the end of Q4 2022. The service life of the facility will increase up to 15-20 years with planned extensions. “The value of gold to be extracted and processed by Koza Gold Corporation is USD 1.2bn,” said Varank. The facility is the company’s 6th investment , according to Muhiddin Gulal, Chairman of the Board of Directors of TMSF.
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