Turkey – A Hotbed For Silver

Silver mine

Credit: PD Photo

Most of the world’s silver is produced in Mexico and Peru. While these are the two countries that are accountable for the vast majority of silver, some economies have not been tapped to their full potential. One such economy is ‘Turkey’. Silver mining in Turkey adds up some interesting prospects to the silver market.

Turkey was the 13th largest silver producer in the world for the year 2010. It also boasts of being home to the 3rd largest silver mine in the world. Turkey has a rapidly evolving economy, has the drive to capitalise on its resources and mining companies can gain permits with ease. This makes Turkey a lucrative option for mining silver.

The Turkish economy is developing at a rapid pace that China only surpasses. It enjoys a well established modern infrastructure with well-connected roadways and an electric system.

Initially, foreign direct investment was not allowed in the mining industry until the year 1993. Later, it was thrown open to foreign companies. As a result, it now has vast resources of mineral reserves.

Many large and foreign companies have shown interest in mining due to its fast developing economy. Many small and medium-sized companies are emerging from the traditional markets.

Silver mining in Turkey is mostly polymetallic, where deposits contain gold, zinc, copper and lead. In Turkey, the Gumuskoy mine was the 3rd largest silver producing mine in the world for the year 2010.

Other companies are hoping to tap large ores, as the mineral resources in Turkey are largely untapped. Turkey is loaded with mineral resources, which makes it a lucrative option for silver mining companies.

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