Gold reserve weighing 99 tonnes discovered in Turkey, worth more than GDP of several countries

A huge gold reserve has been uncovered in Turkey that contains as much as 99 tonnes of gold. Speculations about its value have now started across the world, which is estimated to be over $600 crore or Rs 44 thousand crore.

As per the state news agency Anadolu, the gold deposit in the central west area of Sogut was discovered by a fertilizer company Gubertas in association with Fahrettin Poyraz, the country head of Agricultural Credit Cooperatives. The deposits have been found in the central west Sogut.

As soon as the news of the discovery of such a huge gold reserve broke, shares of Gubertas in Turkey's stock exchange Borsa Istanbul went up by 10 percent. Poraz told the news agency Anadolu that the first extraction will take two years and it will increase the economy of Turkey.

In September 2020, Energy Minister Fatih Donmez had set an annual target for gold production of 100 tonnes for the next five years. Turkey this year already broke the record with the production of 38 tonnes of gold.

The estimated value of the recently discovered gold deposit is said to be greater than the GDP of some countries. 

As per world meter, the GDP of Maldives is $4.87 billion, Liberia is $3.29 billion, Bhutan is $2.53 billion, Burundi is $3.17 billion, Lesotho $2.58 billion, these economies are much lesser in size than the gold deposit discovered in turkey. Similarly, the countries like Mauritania, Montenegro, Barbados, Guyana, and the economy of many other countries have much smaller economies than $6 billion which makes the gold deposit in turkey a richer country than many others.