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EBRD finances gold mine development in Turkey

By Olga Rosca

EBRD finances gold mine development in Turkey

Lapseki gold mine and the processing plant in Çanakkale

Türkçe çeviri

Investment promotes highest international standards and economic opportunities for local youth

The Bank is providing a €40 million loan to finance the construction, development and operation of two mines in northwestern Turkey – the Lapseki mine in Çanakkale and the Ivrindi mine in Balıkesir.

The two mines are being developed by Tümad, a subsidiary of the Turkish conglomerate Nurol Holding. The company is one of the first locally-owned private investors to start up a gold mine in Turkey.

Turkey is the largest gold producer in Europe and the Mediterranean and is among the top five largest gold importers globally.

The EBRD’s investment promotes highest international standards in mining and best practices in both occupational health and safety and in environmental and social management. The developer is commited to obtaining international certifications in the area of occupational safety, chemical management, social accountability and business conduct.

The investment will also create new jobs for the local population, especially for young people. Tümad plans to offer them training and employment opportunities. The company will establish Turkey’s first vocational high school in Balıkesir, teaching mining technology. It will also develop an on-the-job training programme in partnership with Mine Engineering and Geology Departments of Çanakkale 18 Mart University and Balıkesir University, which will be made a formal part of the curriculum from September 2018.

In addition, Tümad will join an EBRD-backed high-level group of policy-makers and major businesses whose aim is to enhance work-based learning opportunities, develop standards for vocational skills, expand the testing of qualifications across the country and promote career guidance for young people.

Eric Rasmussen, EBRD Director for Natural Resources, said: “We are pleased to partner with Tümad and help it apply best practices in the mining sector as it develops two gold mines in Turkey. We welcome the company’s intention to undertake a greater role in developing skills among young people that will match the demands of the labour market at the time when youth unemployment is on the rise.”

Gürol Çarmıklı, Director of Nurol Holding and Nurol İnşaat, added: “We are very pleased to welcome the EBRD as a lender to our group, alongside strong, long-standing partners of ours, Akbank and Ziraat.  Tümad and the EBRD have been working closely for more than two years to ensure that our holding’s very first gold mines meet the highest technical, environmental and social standards.  As we entered the mining business, the EBRD’s sector expertise has been of paramount importance to us.”

The EBRD’s loan is part of a larger US$ 200 million financing package with Akbank and Türkiye Cumhuriyeti Ziraat Bankası as parallel lenders. The EBRD is working to attract additional financing for the two mines.

The EBRD is a major investor in Turkey. To date, the Bank has invested over €9.5 billion in various sectors of Turkey’s economy, with almost all investments in the private sector. In 2017, the Bank signed more than 30 projects worth €1.2 billion and expects to exceed €1.5 billion in investments this year.


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