News www.miningturkeymag.com
The Decline in Mining Exports Continues in August The mining exports in August this year was down %4.27 with 382.9 billion dollars compared to the values of the same period of last year. With the total of 3 billion 160 million dollars, the sector’s export in the first eight months of 2014 was also down 5.63% compared to the same period of last year. Alongside the unrest in Iraq and the crisis between Russia and Ukraine, the decrease in China’s demand is also signed as the cause of this decline. Though the export to the US and the
UN countries rose, the down in China, Iraq and Russia was irrepressible. The total mining export to China in the first eight months of 2014 decreased from 1 billion 659 million to 1 billion 258 million dollars with a down of 24.14%. Turkey’s largest export market Iraq experienced a down by 5.98%. The export to Russia also declined to 14.94%. Besides these declines, the exports to India, The US, Spain and Holland rose by 73.87%, 11.81%, 44.31% and 44.22% in order. While natural stone exports in August
declined 8.59% with 163.8 million dollar compared to the same period of last year, the total export in the first eight months increased 0.62% with 1 billion 450 million dollar compared to the first eight months of 2013. Despite the significant decrease in major markets like China, Iraq and Russia, the increase in the US and India markets prevented the mining sector from a big loss. September 2014
Koza and Lonmin will Explore Minerals in Ireland Koza Gold Corporation’s London associate Koza Ltd. and South African Lonmin Plc.’s associate Lonmin Ltd. (Northern Ireland) signed a memorandum of understanding in May. According to the memorandum, Koza and Lonmin will operate gold
and silver mineral explorations in Northern Ireland. Koza Gold Corporation had announced earlier that due to the limitations and some practices in Turkish mining sector and within the scope of their long term targets,
Turkey Builds a Remote Sensing Laboratory in Azerbaijan The National Geological Exploration Service of the Ministry of Ecology and Natural Resources of Azerbaijan Republic (MGKX) presented MTA (General Directorate of Mineral Research and Exploration) a written application in September, 2013. Following this application, the Ministry of Energy and Natural Sources of Turkey
launched a joint programme with Azerbaijan to build a remote sensing laboratory in their country. The Minister of Energy and Natural Resources Taner Yıldız stated that, “Turkey - Azerbaijan Geological Remote Sensing and Technical Cooperation Protocol” is signed in February, 2014 on demand of Azerbaijan.
they would focus on the foreignbased opportunities especially on the countries with established mining regulations. Thus, the company founded England based Koza Ltd. in January 28, 2014. May 2014
The acquisition and analysis of information on natural and artificial surfaces using satellite platform is planned to be carried out on an iron ore deposit in Azerbaijan. A satellite image on a specific field will be analysed, and the studies will be carried out by MTA specialists. April 2014
Foundation Laid for the New Thermal Power Plant in Soma Foundation laid on March 19, 2014 for the new 510MW coal-based thermal power plant in Soma district of Manisa province. The Minister of Energy and Natural Resources Taner Yıldız participated in the cutting ceremony of this second thermal power plant of the region. Kolin Construction won tender for the main contractor in exchange for 153 million tonnes of coal production
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last year. The period of contract was 30 years. The 510MW coal-based power plant project would be performed through Build-Operate-Transfer Model. The studies on determining the location of the plant, preparing of the project, and preparation of EIA report were completed. After the coal fields, which would feed the thermal power plant started production, and the
construction of the plant completed, the project would offer the district a range of employment area for directly 3,500 and indirectly 6,000 people. The authorities declared in their public statement that the new thermal power plant will be constructed with the newest technology approved and applied worldwide. March 2014
Magnesit AŞ Buys an Enterprise of Cihan Group in Erzurum Austrian-based RHI’s subsidiary Magnesit AŞ. signed a contract with Cihan Group and purchased Group’s raw material production facility in Erzurum and its mining rights. RHI, the Austrian company specializing in producing heat-resistant refractory products, bought the raw material
facility and it’s mining rights for 30 million USD. RHI will also become liable for Cihan Group’s debts to 16 million USD considering the quality and the specialty of the raw material. The sale will be declared valid as soon as the terms of the contract are fulfilled.
The formal process is still ongoing and the facility located in Aşkale district of Erzurum has a reserve capacity of 85 million tonnes with a production capacity of 120 million tonnes. The purchase value of the facility is said to be 26 million euros. April 2014
Çayeli Bakır İşletmeleri Doubled Production Rates in 20 Years First Quantum Minerals’ Turkish subsidiary Çayeli Bakır İşletmeleri, providing the 1/3 of the total copper production of Turkey, has doubled its production capacity which was 600,000 tonnes when founded. According to the company’s statement to Mining Turkey, since its foundation Çayeli Copper has contributed significantly to the country’s economy, and the total ore it has extracted up-to-date is 17,367,000 tonnes. While the company’s total copper concentrate is 159,513.5 tonnes, the total zinc concentrate is 88,341.3 tonnes annually. The company’s annual ore production capacity is 1.3 million tonnes today.
At the company’s event organised for the employees at Dedeman Hotel, Rize on March 7, the company gave the news of a female director appointed to the head of a technical department, which is a first in the company’s history. Proudly announcing the promotion of Maintenance Deputy Manager Gönül Uğultan to the position of Maintenance Manager, Çayeli Bakır İşletmeleri General Manager Iain Anderson said “Mining, which is dominated by employment of men, has now become a sector, which women can also work in”. Managing Director Iain Anderson emphasized
the importance of loyalty to corporate values, production and continuity of work in his speech at the event held on March 7. He said “The important thing is how rather than how much you produce to gain reputation. While providing benefits for our sector and our economy, producing in a safe and environmental friendly manner with respect for the society is our biggest priority as Çayeli Bakır. Thus, we survive and thrive by producing together. I thank all Çayeli Bakır employees, who have contributed to this development and their families”. March 2014
Gold Producers Paid Taxes Equivalent to 7 Tonnes of Gold Muhterem Köse, General Coordinator of Gold Miners’ Association joined PDAC 2014 in Toronto and in his statement to Anadolu Agency he noted that the gold producers paid taxes equivalent to 7 tonnes of gold this year and added, “Owing to this production, we earned an improvement both socially and economically. More than 30 thousand mine investors from 130 countries meet at Toronto each year. Investment projects that are worth 750 billion USD are on the table… We should ask ourselves,”Where does Turkey place itself in it?” Each year 40 billion dollars of new mine investments are made in the world.”
Köse stated that Turkey was still taking baby steps in mine explorations and added that the mine exploration drillings Turkey had made in the last 75 years was equal to Canada’s just 1.5 years of work. In his statement: “Mining is a long term investment, which needs 10 to 15 years in return. Stability is the key to success for this long period. Otherwise, it is futile to expect for an investor to invest hundred millions of dollars for 15 years of future. Mining production in Turkey is inadequate. Our total mineral export cannot even afford the coal import. Turkey imported 302 tonnes of gold last year, and paid 13.7 billion dollars in
return. Whereas our gold production was 33.5 tonnes last year which meant 1.6 billion dollars. In the last 20 years, 2.5 billion dollars of investment was made in gold sector in Turkey, which made us the top country in Europe in gold production. This investment also offered an employment area for 6 thousand 200 people. This year, we have paid taxes equivalent to 7 tonnes of gold to the government. Owing to this production, we earned an improvement both socially and economically. The only way to narrow the current account deficit is to explore and extract our own mine. This is the best model for us.” March 2014
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In 2013, Eldorado Produced 397,000 Ounces of Gold in Turkey
In 2013, Eldorado Gold produced 397,000 ounces of gold in Kışladağ and Efemçukuru mines in Turkey. As to the company’s statement, 2013
production of Kışladağ increased by 6% compared to 2012. While the production costs remain pretty much the same, the company esti-
mates 10% rise in their production for 2014. March 2014
Coal Explorations in Turkey Proceed in 2014 Turkey, targeting to increase the utilisation of national sources in energy, aims to enhance its coal reserves through the new explorations in 4 regions. MTA will provide 25,197 million liras to fund the explorations in 4 regions and 18 provinces. The total exploration network including the operations in Amasya, Çorum, Konya, Isparta, Afyonkarahisar, Ankara, and Muş will cost 10,565 million liras. Turkey owns 1.3 billion tonnes of hard coal and 13.9 billion tonnes of lignite reserves, of which 512 million tonnes and 13.4 billion tonnes, respectively, are proved reserves. The research project “The Improvement of Lignite Reserves
and Prospects to Uncover New Lignite Fields” was carried out in 20052102 by Turkish Coal Enterprises (TKİ) as the coordinator, General Directorate of Mineral Research and Exploration (MTA) as in charge and ETI Mine Works, Turkish Petroleum Corporation (TPAO), Electricity Generation Company (EÜAŞ), Turkish Hard Coal Enterprises (TTK), General Directorate of State Hydraulic Works (DSİ) as the contributors. The project leaded to a significant improvement in the reserves, thus helped the lignite reserves rise from 8.3 billion tonnes to13.9 billion tonnes in 2013. The Minister of Energy and Natural Resources Taner Yıldız said in his
statement that 11 new coal fields had been explored with 1.2 million metres of drilling in the past 8 years. According to Yıldız, these newly found fields added up 6.8 billion tonnes to the lignite reserves which meant a 82% increase in Turkey’s lignite reserves. “The studies about the conversion of lignite coal into electricity is in progress and we are planning to provide 1/3 of our electricity out of coal in 2023. With our total national coals converting into thermal power plants, we are aiming to reduce minimum 12 billion USD annually from our natural gas import” added the Minister. March 2014
Taner Yıldız, Called for Investments on Marble Turkey Marble, Natural Stone and Machinery Manufacturers Association (TUMMER) Board of Directors were guests at a meeting with Ministry of Energy and Natural Resources, during which Minister Taner Yıldız called entrepreneurs to invest in marble sector. Pointing out to 30% of 13 thousand mine operating licenses being natural
stone licenses, Yıldız stated that natural stone production increased from 1.5 million cubic meters in 2002 to 5.8 million cubic meters in 2013 adding that natural stone export also increased from 700 million dollars to 2.2 billion dollars. China receives half of Turkey’s natural stone export, said the Minister and indicated that Chinese investors have
started operating in the country. Specifying marble as the main exported product constituting half of mine exports, Yıldız invited all entrepreneurs interested in mining and natural resources once again to invest in the sector. August 2014
New Privatizations Underway High Board of Privatization has made new decisions regarding the new privatizations and they are published in the Official Journal. According to new ruling, Orhaneli Thermal Power Plant of Elektrik Üretim A.Ş. (EÜAŞ) is listed in privatization program and immovable properties of the plant are decided to be included in the scope and program of privatization.
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High Board of Privatization also concluded to include Soma Elektrik Üretim ve Ticaret A.Ş. (SEAŞ) except its immovable properties, Tunçbilek Thermal Plant of EÜAŞ, Bursa Linyitleri Işletmesi (BLİ) of Turkish Coal Enterprises (TKİ) with their immovable properties into the scope and program of privatization. Board ruled that the certificate No. 79528 of TKİ and certificate No. 73012
of EÜAŞ and the mine fields are included in the scope and program of privatization. On the other hand, the Board demanded Soma A Thermal Power Plant to be excluded from privatization program and decided that privatizations of other plants and enterprises to be concluded by December 31, 2016. August 2014
LOW CONSUMPTION WAS YESTERDAY’S NEWS. READY FOR THE FUTURE? THIS WAY! Sandvik drill rigs have been developed for maximal cost-efficiency for decades. Still living by the same rule in consumption, we developed a percussive drill platform that will elevate surface drilling to a whole new level. Built to meet the needs of tomorrow’s mining industry as well as future requirements for automation, the new PANTERA™ is an intelligent, forceful and safe drill with variants for both down-thehole and top hammer drilling. Designed for enhanced drilling efficiency, lower cost per meter and reduced environmental impact, it stands for utmost productivity. Join the movement toward The Future of Mining. It’s This Way: sandvik.com/pantera
Eczacıbaşı Esan Stands Out with Industrial Mineral Export Founded in 1978 and has been providing high quality products with professional service since then, Eczacıbaşı Esan grows rapidly both in local and foreign markets. With it’s exports to more than 40 countries, Eczacıbaşı Esan’s contribution to the
country’s economy was awarded one more time by İstanbul Minerals and Metals Exporters’ Association (İMMİB). The company has been awarded two years in a row with the Association’s “2013 Stars of the Exports” 3rd prize in “industrial minerals” category on behalf
of Eczacıbaşı Ekom Foreign Trade. Founded to meet the needs of quality raw material for Eczacıbaşı’s ceramic plants, Eczacıbaşı Esan is now among the pioneering industrial mineral and metallic mine firms of Turkey. March 2014
Turkey’s First Molybdenum Facility Made Its Official Opening Located in Tepeoba village in Havran district of Balıkesir province, Turkey’s first facility that produce both copper and molybdenum made its official opening by the Minister of Energy and Natural Resources Taner Yıldız on May 3, 2014. The mine which took place in our previous issues is operated by Kuzey Ege Bakır İşletmeleri, the subsidiary of Özdoğu İnşaat Ltd. who celebrates its 40th year in business. Kuzey Ege Bakır A.Ş. General Director and Vice Chairman Murat Kavak made the opening speech, underlying the remarkable role of mining and informing about the facility. In his statement, he noted that the company had the mining license for the area of 1.439 hectares, targeting to extract 17 million tonnes of copper-molybdenum.
Kavak added that with 235 people working in the facility, 40,000 tonnes of copper and 1,500 tonnes of molybdenum concentrate is being manufactured annually and ranking the first place among the mine exporters in Aegean Region, it is the first and only molybdenum manufacturer of our country. Subsequent to the studies carried out for the reserves, they were planning to put the potassium feldspar mine into use in August. Kavak said that this imported product from then on would be produced in their facility and be available for use in ceramic and porcelain industry of our country. The Minister of Energy Taner Yıldız also made a speech at the opening, “MTA has drilled 10,000 meters here and confirmed of a copper-molybdenum
reserve of 20 million tonnes. Public sector explores and the private sector operates. We import 80% of the copper we consume. New fields should be open to use in order to diminish the import. Our annual import is 1.2 billion USD. This facility will make a huge contribution to our economy. We receive complaints about the difficulties of getting mining licences due to applying to18 different institutions. We are now establishing a one step office. Our mining exports, which was 841 million USD in 2002 has now risen to 5.1 billion USD at the end of 2013. The gross domestic product rate of the mining sector was 2.6 billion USD in 2003, now it is around 12 billion USD. Our goal is to increase the export to 20 billion dollars by 2023.” May 2014
5 Workers Lost Their Lives in Unauthorized Coal Mines in Mount Cudi in 15 Days Due to the illegal production in asphaltite mines located in Şırnak, which were functioning despite the earlier closure because of the lack of proper safety conditions, 5 workers lost their lives in 15 days (1 worker on June 4th, 3 workers on June 11th and 1 worker in June 18th). These mines in question had been shut down 6 months ago upon an order from the Turkey’s Social Security Institution, Ministry of Labour, and governorate due to lack of job security and social security conditions.
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The former Chairman of Chamber of Mining Engineers Mehmet Torun stated that this asphaltite field, which was formerly owned by Turkish Coal Enterprises, was transferred to Şırnak Governorate in a royalty transfer tender. The governorate has given its operating right to a private company in a royalty transfer tender, and the company operated the mines through the subcontractors. Yet, these mines were shut down upon an order from the Ministry 6 months ago. Coal is illegally extracted in mine
shafts here today. It is really hard to prevent mining in these blind shafts. The 1,000-1,200 of unemployed young people in the locality work in these illegal mine shafts for 40-50 liras per day. No engineering rules are applied. There are no emergency gateways, no ventilation in the mines. The workers do not have any necessary equipments like safety helmets and gas masks.” June 2014
MNG Orko’s Transaction Completed with Amlib United Minerals for Its Liberian - Kokoya Project MNG Orko, founded in 2012 by MNG Group, whose business activities cover a diverse range of fields from construction, tourism, air carriage, and cargo carriage, to finance and energy sectors, announced the completion of the transaction with Amlib United Minerals to acquire its 90% stake (10% Liberian Government) in LiberianKokoya Project. Kokoya is an advanced gold exploration project owned and managed by MNG Gold through its
subsidiary MNG Gold Liberia Inc. situated in Bong County, located in Liberia. A total of 272 holes for 48,625 m have been drilled and 249 trenches for 7,069 m have been excavated to date. Serhan Umurhan, General Manager of MNG, commented: “I am delighted that the closing conditions of this transaction have now been satisfied so that we can focus our efforts on rapidly developing the potential of Kokoya, which stood still for a long
time due to lack of funds. Our aim is to create a new approach offering an employment opportunity with positive value for local communities and commencing production as soon as possible. Kokoya is the first step in the creation of MNG Gold’s asset portfolio in West Africa and Turkey; we will add further valuable assets to our portfolio in the near future.” June 2014
Aegean Metals Group Provides Market Update on Turkish Exploration Projects Aegean Metals Group Inc, a Canadian junior mineral exploration company operating exploration stage projects in Turkey and Chile, shares its market updates on Turkish exploration projects with its investors. The company announced that the exploration activities at Ergama Project in Western Anatolia and Hot Maden Project in Eastern Black Sea region continue to advance .The projects’ exploration activities are being managed by Teck Resources (Ergama) and Lidya Madencilik (Hot Maden). The company’s Ergama Project is located in Balıkesir province. Ergama is a high-sulphidation epithermal gold-
silver project, which was first explored by Normandy Mining in the 80s. The project is currently owned by Aegean, however, Teck Resources exercised a one-time back-in right on May 28, 2013, and is now required to invest 1,275 million USD in exploration at Ergama within 3 years in order to earn-in to a 51% interest in the property. The update covers that Teck continues its geological explorations within the contract. The operating explorations in Hot Maden Project, which is located in Artvin province, is continuing to be advanced by Lidya Madencilik through a joint venture signed in June, 2014. Lidya has the option to earn-in to a 70% interest in the Hot
Maden Project in return for a 3 million USD commitment of combined exploration expenditures and cash payments to Aegean over a 48 month option period. The site was first explored by Russian geologists working in the region before the foundation of the Republic, later on MTA and private sector has continued the operations there. Lidya’s initiating field activities in the site are focused on geological mapping for the drilling locations preparations. As a part of the joint venture agreements in both projects, Aegean reserves the right to claim product share from the operation. August 2014
Aldridge Minerals Annouced the Closure of 45 Million Dollars Financing
Aldridge Minerals announced by a press release that they have closed the financing with Orion Fund JV Limited, an affiliate of the Orion Mine Finance funds in connection
with a US$10 million equity private placement which includes participation by the Aldridge’s two largest shareholders and a US$35 million bridge loan facility.
Aldridge has also entered into lead concentrate and gold offtake agreements with an Orion affiliate. September 2014
Elsan Electricity Wins Yatağan Thermal Power Plant Tender Tenders regarding the privatisation of Yeniköy Yatağan Thermal Power plant and the immovable properties owned by Southern Aegean Lignite Enterprises (GELİ) were done in Ankara. Among the six companies, Elsan Electricity Industry and Trade Co. Inc. placed the highest bid of
1.091 billion USD in the tender and won the operation rights of Yatağan Thermal Power Plant. Centered in Denizli, Elsan Electricity is a member of Bereket Energy Group. The immovable properties and Yeniköy Thermal Power Plant owned by Yeniköy Yatağan Electricity Production Inc. (YEAŞ),
the movable and immovable properties used by GELİ were privatised as a whole through an “asset sale” method; related mining licenses and mining sites covered by these licenses through a “transfer of operating rights” method. September 2014 October 2014
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Altıntepe Mining Continues Its Operations for Production in Ordu Stratex International Plc, the exploration and development company focused on gold and base metals in Turkey and Africa, and its subsidiary Bahar Madencilik will manufacture dore gold in OrduAltıntepe with an investment of 162 million dollars. According to the news published in Dünya Gazetesi, Stratex signed a contract with a construction company in 2009 for the refinement
of Ordu-Altıntepe and Konya-İnlice projects, but the construction company declared its withdrawal from partnership in 2011. Following this, Stratex declared new partnership with Bahar Madencilik for Altıntepe, and resigned from İnlice Project. According to the February 2014 investment incentive certificate statistics, Altıntepe Madencilik, founded by the partnership between Stratex and Ba-
har Madencilik, aims to produce 3,500 million tonnes of ore in a year from this investment. Out of this ore, 1,08 tonnes of dore gold and 1.24 tonnes of dore silver production is expected in a year. An employment area for 100 people is also among the marks mentioned in the investment incentive certificate of the company. May 2014
Nata Holding Purchased Çaldağ Nikel Mine Owner of Çaldağ Nickel Mine, the largest nickel reserve of Turkey with 29.7 million tonnes in Turgutlu district of Manisa, Çaldağ Nikel Madencilik’s majority share was sold to Nata Holding. According to Trade Journal, the majority share of Çaldağ Madencilik, who had been the former
subsidiary of VTG Holding, was sold to Nata Construction in April, 2014. Ankara based Nata Holding is a conglomerate of companies in the businesses of project development and real estate investment, construction, international contracting services, concrete pipe and prefabricated
structures, cement and energy. Prominent in constructing sector, Nata Construction ranked 150th in the international construction magazine Engineering News Record’s 2013 Top 250 List. June 2014
Zenit Madencilik Obtained Financial Support for Kızıltepe Project Zenit Madencilik, a joint venture company between Turkish Proccea Construction Co. and Anglo-Turkish mine explorer Ariana Resources, has announced getting an investment subsidy for Kızıltepe Gold-Silver mine, which is a part of Red Rabbit Project. The announcement declares that the company will benefit from the incentives in ways such as the vat exemption, zero customs duty,
government support for the employer’s national insurance contribution and credit interest. Ariana Resources’ Chairman Michael de Villers states that these supports are considered to be a sign of the government’s will for the growth and improvement of the mining sector . Zenit Madencilik also announces that it has got the full funding to bring its Kiziltepe Gold-Silver Mine into
production. 33 million USD overall credit agreement, inclusive of capital repayments and borrowing costs, completed with Türkiye Finans Katılım Bankası. 236,000 USD first drawdown completed by Zenit. Loan repayments will be paid over five years. June 2014
Investment Incentive Certificate Issued for Mazıdağı Phosphate Plant Eti Copper Inc. received an investment incentive certificate for Mardin Mazıdağı Phosphate Plant that was shut down in 1993 due to economic crisis and that was handed over to TMC Enerji Yatırımları San. Ve Tic. A.Ş., founded in partnership with Eti Copper Inc/Park Electric with a tender in May 2011.
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Planned to become operational in 2016, the plant is announced to receive an investment of 1 billion and 60 million Turkish Liras. The plant is expected to produce 437,760 tonnes/year of phosphate, 75,000 tonnes/year of ammonia, 650,000 tonnes/year of sulphuric acid,
150,000 tonnes/year of phosphoric acid, 325,000 tonnes/year of phosphorus fertilizer and 690.000 tonnes/year pyrite and iron dust. When operational, 606 jobs will be created at the plant. July 2014
5 Mining Companies are Among the Top 100 Exports Companies The top 1,000 exports companies of Turkey in 2013 were announced by Turkish Exporters’ Assembly. While the mining sector has its place in the list with 91 companies, 5 mining companies are among the top 100 exporters. Given data show that the top 1000 companies made 90 billion USD of exports, which forms 59% of the total 152 billion USD of exports in 2013. The rate of the foreign-financed companies on the list is 20%. This is declared as the highest rate of the last 5 years. The total net profit of the top 1000 exports companies of 2103 is 14.2 billion liras. The mining companies Tüprag and Eti Krom Inc. are placed among the top
list (38th in 2012). The third company in the list from the mining sector, Tüprag, enters the list for the first time in its history. With 189 million 277 thousand USD of exports, it ranks 63rd in the list (240th in 2012). Being the 4th company from the mining sector in the list, Eti Krom Inc. ranks 67th among the 100. Succeeds in entering the list for the first time, Eti Krom made 185 million 583 thousand USD of export in 2013. Eti Soda AŞ., which ranked 229th among the top 1000 exporters in 2012 leaps forward in 2013 with 138 million 174 thousand USD of exports, and ranks 97th. May 2014
100 exporters for the first time. The boom in these two companies’ export figures is remarkable. Governmental Enterprise and Eti Mine Works, the only authorised boron producer in Turkey, ranks 16th (15th in 2012) in the list with 790 million 353 thousand USD. Eti Mine Works is the 2nd company with the largest profit rate among the 1000 companies. It is also placed first among the exports companies in the mining sector. Following Eti Mine Works, the second mining company in the top 100 companies is Çayeli Bakır İşletmeleri. With an exports figure of 249 million 838 thousand USD, it ranks 42nd in the
EIA Approved for Ağı Dağı Project Ministry of Environment and Urbanization has approved the Environmental Impact Analysis (EIA) for Ağı Dağı Project of Alamos Gold Inc.,
one of the important mining projects of the country. John A. McCluskey, President and CEO of Alamos, indicated it as an important step for the
company’s projects in Turkey and a sign of significance state puts on advancing the mining sector. August 2014
Park Electric’s 2014 First Half Report Announced Park Electric, operating in the mining and energy sectors, published its 1st half report. The company stated to raise a total income of 122 million lira in the first half of 2014; 109.5 million lira from the copper plant in Madenköy and remaining 11.6 million lira from the asphaltite plant in Silopi, Şırnak. Company’s income was 123.6 million lira in the same period of 2013 and it saw a 1% drop in sales compared to the first month of 2014. In the first quarter of 2014, Park Electric
has handed the Silopi asphaltite plant in Şırnak-Silopi over to Silopi Electric Inc., another unit of the conglomerate Ciner Holding, for 61 million TL and claimed to score a profit of 14.1 million TL from this transaction. The drop in income in the first half of 2014 is also attributed to not receiving the revenue from the plant following the handover. Copper sales income in the first six months of 2014 shows a 3% increase compared to the same period of previous year. Copper sales income in
the first month of 2014 is 109.5 million lira, it was 106.7 million lira in the first month of 2013. In Madenköy copper mine, 50,021 WMT of concentrate copper production in the first half of 2013 decreased to 45,618 WMT in the same period of 2014, resulting in a 9% decrease. As to the concentrate copper sales, 47,473 DMT of first six months of 2013 has dropped 10% in the first six months of 2014 and stayed at 42.634 DMT. August 2014
New Drilling Results at TV Tower Project
Pilot Gold has announced several updates about its joint venture TV Tower Project during last 6 months. According to the latest press release, Pilot Gold has completed 13 drill holes to date at the Valley Porphyry, and has secured permits to drill test
most of the 1,400 m length of the zone. Recent drill highlights include: 0.63 g/t gold and 0.27% copper over 134.7 meters (1.10 g/t goldequivalent (AuEq1)) in KRD016C and 0.41 g/t gold and 0.25% copper over 70.2 meters (0.83 g/t AuEq1) in
KRD018C. These latest results from step-out drilling extend copper and gold mineralization over an area of approximately 300 meters by 200 meters. Teck Resources currently holds 60% interest of the project. June 2014
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The Top 500 Largest Industrial Organizations of 2013 were Announced The list of the top 500 industrial organisations selected annually by İstanbul Chamber of Industry was announced. According to the news, Tüpraş with 39,729 billion liras of product sales took place at the top of the list. Turkey’s 500 largest organisations increased their sales by 7.4% to 454,990 billion liras. The major companies were mainly from petrochemistry, automotive, and iron steel industry sectors. While Ford Automotive owned the 2nd rank in the list with its production sale of 9,714 billion liras, Electricity Generation Company ranked 3rd with its production sale of 9,263 billion liras. The evaluation was made considering the product sales. The mining companies and many sector related companies (cement production, concrete production, glass and ceramic industry) appeared in the list as usual. Turkish Coal Enterprises (TKİ) and Eti Mine Works placed among the top ranks. While TKİ’s net sales declined compared to 2012 (2,886,203,748 TL), Eti Maden’s net sales increased compared to 2012 (1,487,462,707 TL). The sales figures of TKİ were down 23.3% compared to 2012, and the organisation moved downward on the list from 15th (2012) to 26th (2013). While the sales figures of Eti Maden were up 9.5%, the company’s place in the list slipped one rank from 42 to 41. Though there was not a significant increase in the company’s production rate compared to last year, the increase in the sales figures was likely a result of the rise in the exchange rate of dollar. Tüprag Metal Madencilik rose 4 ranks to 63th in the 2013 list with a net sales of 1,152 billion liras. Due to these numbers, Tüprag rose 6.2% with its net sales in 2013 compared to 2012. Following Tüprag, Soda Industry Inc. ranked in the list on the 72nd place. The company moved upward 9 ranks in the list compared to last year with net sales of 1.71 billion liras (26.9% increase compared to 2012). Koza Gold Operations Inc., which had formerly ranked 72th in İSO 500 2012 list, fell to 82th in 2013. The company’s net sales figure was 981,771 million liras, with a 10.5% fall. One of the Turkey’s prominent mining companies, Eti Bakır AŞ. (Eti Copper Co.) ranked 103rd in the list with net sales of 765,428 million. Eti Alüminyum AŞ. (Eti Aluminium Co.), which was a member of Cengiz Holding like Eti Bakır AŞ. ranked 217th in the list with net sales of 409 billion liras. Esan Eczacıbaşı, Çayeli Bakır İşletmeleri, Eti Soda, Erdemir Mining, Park Termik, Soma Kömür İşletmeleri AŞ., Park Elektrik, Eti Gümüş AŞ. are also among the leading mining companies took place in the İSO 500 list. İmbat Madencilik (İmbat Mining Co.), Kümaş Manyezit, and Tilaga Madencilik are among the mining companies that had a rank in the list for the first time. According to İSO 5000 list, among the top 10 organisations with the biggest profit, there were 5 mining companies. Eti Mine Works ranked 4th in the list with 841,797 million liras. The sector based listing of the rest most profitable companies were as follows: Tüprag Metal Madencilik (669,449 million liras), Koza Gold Operations Inc., Soda
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Turkish Coal Enterprises (TKİ)
Ranking
Ranking
Net Sales TL
26
15
2,212,592,358
Eti Mine Works General Management
42
41
1,628,735,733
Akçansa Çimento San. ve Tic. AŞ
61
75
1,164,214,836
Tüprag Metal Madencilik San. ve Tic. AŞ
63
67
1,152,515,050
Soda Industry Inc.
72
81
1,071.959,226
Koza Gold Operations Inc.
82
72
931,771,503
Çimsa Cement Industry and Trade Inc.
87
88
884,345,009
Paşabahçe Glass Industry and Trade Inc.
88
128
878,798,569
Trakya Cam Sanayii AŞ
97
105
807,951,976
Eti Copper Inc.
103
108
765,428,032
Nuh Çimento Sanayi AŞ
145
169
562,447,082
Limak Cement Group
146
155
552,823,953
Aşkale Çimento Sanayii T.AŞ.
163
168
516,837,788
Çimko Çimento ve Beton San. Tic. AŞ
171
200
497,404,726
Esan Eczacıbaşı Industrial Raw Materials
173
222
492,209,913
Çayeli Bakır İşletmeleri AŞ
181
157
474,430,373
Limak Batı Çimento San. ve Tic. AŞ
189
199
462,655,126
As Cement
202
208
426,398,497
Eti Soda Üretim Pazarlama AŞ
212
201
413,757,248
Erdemir Mining Industry and Trade Co.
216
160
410,379,738
Eti Aluminium Co. Inc.
217
-
409,020,025
Eti Krom Inc.
225
426
397,316,956
Votorantim Çimentos
227
246
395,366,644
Adana Çimento Sanayii Türk AŞ
231
284
389,622,063
Park Termik Elektrik San. ve Tic. AŞ
238
234
380,752,104
İmbat Madencilik Enerji Turizm AŞ
252
-
357,822,282
Trakya Yenişehir Cam Sanayii AŞ
254
265
350,908,372
Soma Kömür İşletmeleri AŞ
261
295
338,048,668
Nuh Beton AŞ
267
243
332,649,984
Çimentaş İzmir Çimento Fabrikası Türk AŞ
278
290
325,872,258
BATIÇİM Batı Anadolu Çimento Sanayii AŞ
281
311
323,428,914
Park Elektrik Üretim Madencilik AŞ
311
364
298,577,066
Konya Çimento Sanayii AŞ
331
346
284,470,475
Kümaş Manyezit Sanayi AŞ
333
-
281,786,710
Turkish Hardcoal Enterprises (TTK)
364
302
255,505,078
Tilaga Madencilik ve Sınai Yatırımlar AŞ
365
-
255,169,707
Ege Seramik San. ve Tic. AŞ
374
371
251,263,216
Bolu Çimento Sanayii AŞ
379
434
248,851,391
Seranit Granit Seramik San. ve Tic. AŞ
380
339
248,125,643
Eti Gümüş AŞ
381
241
247,489,170
Göltaş Göller Bölgesi Çimento AŞ
388
408
243,202,444
Adoçim Çimento Beton San. ve Tic. AŞ
408
432
231,985,268
Anadolu Cam Sanayii AŞ
425
198
220,802,620
Ünye Çimento San. ve Tic. AŞ
428
356
218,809,568
Denizli Çimento Sanayii Tic. AŞ
437
453
216,278,585
Traçim Çimento San. ve Tic. AŞ
445
427
212,060,920
Bursa Beton San. ve Tic. AŞ
458
-
205,921,893
Mardin Çimento San. ve Tic. AŞ
464
402
204,088,738
Table 1. Mining Companies and Mining Sector Related Companies in İSO 500 2013 List
Ranks
Organization
Profit for the Financial Year (TL)
Number of Companies
Profit of the Financial Year (%)
1
EÜAŞ
2,569,101,706
Mining and Quarrying
16
32.3
2
TPAO
1,634,198,676
Cigarette and Tobacco Manufacturing
4
28.4
Electricity, Gas, Ventilation Systems
14
14.5
Uncategorized Machinery Equipments Production
11
13.8
Other Non-metallic Products Production
40
11.8
3
-
4
EtiMaden Works
841,797,606
-
5
Mercedes Benz Türk AŞ
805,507,329
6
Philsa Cigarette and Tobacco Inc.
760,649,785
7
Tüprag Metal Madencilik
669,449,075
8
Koza Gold Operations Inc.
543,281,929
9
Soda Industry Inc.
523,414,008
10
Eti Copper Inc.
442,907,145
Table 2. “The 10 Most Profitable Organizations” in İSO 500 List
Industry, and Eti Bakır. As reported by İSO 500 list, the most profitable sectors were mining and quarrying in the profit based analysis. Considering the 16 mining and quarrying sector based companies, mining sector was followed by “Cigarette and Tobacco Manufacturing” with 28.4%, and “Electricity, Gas, Ventilation Systems” with 14.5%. Excluding the three public-owned
Table 3. The 5 Sectors with the Highest Profitability Ratio (Public Corporations Included) Number of Companies
Profit of the Financial year (%)
Mining and Quarrying
13
40.1
Cigarette and Tobacco Manufacturing
4
28.4
Uncategorized Machinery Equipments Production
11
13.8
companies Other Non-metallic Products Manufactur38 12.1 ing (TKİ, TTK, Eti Mine Works), 13 Furniture Manufacturing 3 11.8 private equities’ Table 4. The 5 Sectors with the Highest Profitability Ratio ( Among 487 Private profits were Corporations) 40.1%. This rate concrete production, glass and is five times the ceramic industry) total net sales were total top 500 companies’ profit which 24 billion 432 million liras, which was is 4.9%. The below-mentioned mine producers’ equal to 5.3% of the total companies’ sales in İSO 500 list. and 48 mining sector related August 2014 companies’ (cement production,
Meetings Held with South Korean Firm for Huge Investment Officers from a South Korean power firm has come to the region to investigate the utilization of the Afşin-Elbistan coal basin for a huge investment of 10-12 million USD to build a thermal power plant. Higher ranking executives of the power firms operating especially in the Arab world and East Asia have been frequently visiting to examine the field on site
and map out the investment plan in the light of their findings. Officers of the undisclosed South Korean firm held meetings with AfşinElbistan Lignite Plant Manager Ahmet Yaldız and had detailed information on the structure of the plant and lignite reserves in the region. Following the meetings with no media access, AEL Manager Ahmet Yaldız revealed some
information regarding the session and indicated that the meetings were not about privatization. Laying emphasis on the 12 billion US dollars of investment, Yaldız pointed out to the economic and social benefits of this investment in the region as new jobs will be created. August 2014
92 Mines Closed in 2014 92 mines’ operations have been shut down in the January-July period of this year, due to critically unsafe conditions for employees, by Turkish Ministry of Labor and Social Security, Directorate of Labor Inspection. Labor Inspection Committee specifically focused on stone quarry and mining sectors where deadly work accidents
are more commonly occuring and systematically inspected the mines throughout Turkey. Upon determining that 92 mines were critically unsafe for employees between January-July of 2014, Labor Inspection Commitee concluded to halt the operations at these mines. Of these, 11 were operating in Edirne,
10 were in Zonguldak, 7 in Tekirdağ, 6 each in Ankara and İstanbul and 5 each in Kütahya, Kocaeli and Manisa. Said mine administrations were fined and subsequently monitored whether they protested the “closed down” ruling and they were reported accordingly. August 2014
October 2014
13
Turmoil in Iraq Caused Uneasiness in Natural Stone Export
Natural stone export to Iraq is negatively affected by the unrest in this country. Aegean Mine and Natural Stone Exporters’ Association Chairman Mevlüt Kaya stated that: “Iraq will be challenging for us this year, numbers of the first 6 months are troubling. I will give an example from my company; our shipment dropped down to 8 containers from 24. If the war continues as it is, the sector will face a serious bottleneck because Iraq is our second biggest market after Germany. Since the numbers are high, the effect will
also be big. As the market involves processed products, the loss of the sector will be higher.” The shrinkage of Chinese and Indian markets for natural stone export resulted in a 5.3% drop in Turkey’s total exports in the first half of this year, compared to the same period in 2013, despite a 6.2% value based increase. Aegean Mine and Natural Stone Exporters’ Association Chairman elaborated that this is a reflection of the increase in processed product exports. Indicating that Turkey exports its
natural stone with added value, Kaya emphasized it as a gratifying development. Kaya stated that economic stillness in China and India caused distress in the sector, however, the increase in processed product export have pleased the miners. Adding that there has been up to 14% increase in processed products, Kaya mentioned that considerable amounts of natural stone have been sold to countries such as South Korea, Singapore and Malaysia. August 2014
Eldorado, Alacer and First Quantum’s Latest Production Updates
Turkey’s biggest gold producer Tüprag, a subsidiary of Toronto based company Eldorado Gold announced the production numbers of its Uşak - Kışladağ and İzmir - Efemçuku gold mines. According to the press release dated 31 July 2014, 1st half gold production in Kışladağ reached 144,055 ounces (approximately 2,000 ounces less than last year) and 52.003 ounces (approximately 6,000 ounces more than last year) in Efemçukuru. In June 26th, Tüprag recieved the
EIA approval for the expansion of the Kışladağ open pit mine throughput from its current 12.5 million tonnes per annum to a maximum of 35.0 million tonnes per annum. Alacer Gold announced their Çöpler sulphide project gold production numbers for the second quarter of 2014 with a press release dated 29 July 2014. According to the release, total gold production reached 49,795 ounces and the attributable gold production (reduced by the 20% non-
controlling interest at the Çöpler Gold Mine) is 39,836 ounces. The company also mentioned that they remain on track to meet previously released full-year 2014 production and cost guidance. One of the Turkey’s most important copper mining company Cayeli Bakır’s, a subsidiary of First Quantum Minerals, 1Q production numbers are 7,142 tonnes of copper and 9.791 tonnes of zinc. September 2014
Koza Gold’s 2014 First Half Report Announced Koza Gold Operations’ gold production increased by 14.8% to 176,627 ounces compared to the first six months of 2013 according to 2014 first half report published by the company. Company made 429.3 million lira income from this gold production and the numbers of the same period in 2013 were 153.836 ounces and 411.8 million lira. Average grade of total produced gold in the first half 2014 was 5.31 g/t, whereas it was 5.74 g/t for the gold produced in the first six months of 2013. The increase in gold production in the first six months of 2014 is
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October 2014
attributed to the increase in average gold grade processed in Ovacık plant, the increase in the processed ore amount after the increase in capacity at Kaymaz and to Himmetdede plant that became operational. The company holds 56 enterprises and 328 mining licenses throughout Turkey. Currently, four plants of the company have been producing gold and production rates per plants in the first six months of 2014 were as follows: Ovacık: 93,830 ounces of gold (7.54 g/t Au grade), 38,588 ounces silver (4.46 g/t Ag grade), Mastra: 16,200 ounces of gold (4.99
g/t Au grade), 11,814 ounces of silver (5.95 g/t Ag grade) Kaymaz: 62,886 ounces of gold (5.15 g/t Au grade), 31,821 ounces of silver (3.74 g/t Ag grade) Himmetdede: 3,711 ounces of gold (average grade not specified) According to Koza Gold’s declaration in May, Mastra plant operations were halted for lack of storage and usage permits of forest products and explosives. In addition, ores extracted from company’s Çukuralan, Çoraklıtepe plants are transferred to Ovacık plant’s production facilities... August 2014
DRA - Afrasia Consultancy and Engineering AŞ Joint Venture Announced
Istanbul, Turkey – DRA of South Africa and Afrasia Mining and Energy AŞ of Turkey have signed a Memorandum of Understanding to join forces within an immediate Joint Venture on all Projects and Project potential within the Afrasia operational footprint; namely Turkey, Turkic Countries, Balkans, Middle East, North Africa and Islamic countries. The intention is to merge the two businesses over a period to create “DRA Afrasia Consultancy and Engineering AŞ” and which intention was communicated and launched at The Turkey-Eurasia Mining Show in Istanbul, Turkey on 3rd June 2014. The new JV between DRA and Afrasia is to offer full Mining Value Chain advisory services, engineering solutions and project financing arrangements for the mining, energy and infrastructure sectors in Turkey within the above mentioned operational footprint. This merger will now provide sectoral clients with a single point of access for all of their advisory, technical, and engineering services, including Greenfield & Brownfields exploration, mining operations right through to mine closure in addition to energy provision, energy management and environmental services. “We are very excited at the level of the combined expertise and experience of DRA Afrasia can deliver. DRA Afrasia AŞ will excel at providing strategies, methodologies, best practices, technical, engineering and green field operations, engineering
and operational performance improvement services, training to ensure delivering practical ideas and performance driven solutions that produce measurable business benefits to the client companies as quickly as possible” said Michiel Van Niekerk (ZA), COO of DRA Global. “This merger is a major vote of confidence in the future of the Turkish Mining & Energy industries in general. The broadened capability offering in the new company gives Turkish sector investors and existing operators access to world-class and best-in-class services in all areas of mining value chain under one point of contact in Turkey for the first time, said Alan Clegg, Executive Chairman at Afrasia Mining and Energy AŞ” “Mr. Clegg went on to add; The areas of primary focus & value-add for DRA Afrasia will now cover (1) Strategic & Mining business advisory both Technical and Financial/Financing (2) Exploration Program design & management (3) Conceptual design and feasibility studies (4) detailed design and engineering (5) Customized design of processing plants and delivery of Modular Plants (6) Large-scale mining infrastructure design (7) Specialized winding/hoisting systems and shafts (8) Headgear design (9) Project and construction management (10) Commissioning (11) Contract operations of mineral processing plants. Basically providing the best industry service offering menu locally in Turkey and in the region”
About DRA Group:
DRA (www.DRAglobal.com) is truly global company with its headquarters in Johannesburg, South Africa. It is one of the largest and most successful a multidisciplinary engineering group that delivers mining, minerals processing and infrastructure services from concept to commissioning as well as comprehensive operations and maintenance services and also DRA is a private company owned by our employees which number over 3,300 people globally. DRA has an office in Toronto, Canada, which deploys industry and sector professionals to support projects in Canada and South America. Additionally, DRA has offices in Australia (Perth and Brisbane), India and China, which support regional and global projects.
About Afrasia Mining and Energy:
Afrasia Mining and Energy AŞ, (www. afrasia.com.tr) provides complete solutions to the mining and minerals industry from green-fields exploration to mine closure. AFRASIA’s unique end-to-end services have been developed in-house and through strategic alliances, specifically to fulfil the needs of mining companies who require comprehensive technical assistance in exploration, project development and management throughout mining life cycle and value chain. To inquire about DRA Afrasia AŞ, please email info@afrasia. com.tr or go to www.afrasia.com.tr June 2014
Tigris Resources’ Latest Updates on Turkish Assets
Gold and copper exploration company Tigris Resources focused on Southeastern region of Turkey and on project development in western Turkey released a press release about the listing and capital raising. The Project updates on Gömeç, were also mentioned in the press release.
According to the press release, Tigris has executed a letter of intent with a view to listing its shares by means of a capital pool company transaction with Kirkcaldy Capital Corp, a Canadian TSXv-listed company. The listing and the concurrent capital raising will provide Tigris with the
financial support it needs to prudently develop its current project portfolio and take advantage of the opportunities tough markets and pivotal times such as these can often present. September 2014
October 2014
15
4th International Mediterranean Coal Markets Conference
The 4th International Conference Mediterranean Coal Markets was held on September 15 - 16 in İstanbul. The conference focused on the importance of coal trading in Mediterranean countries, latest trends and innovations in the energy industry and coal transportation in the region. Coal production and consumption figures in Europe, Northern Mediterranean, Black Sea countries, coal trading dynamics in Pacific and Atlantic basin, benchmarking discussions on coal vs gas vs renewable energy, and the share of coal in energy and cement industry were the topics discussed at the event with Mining Turkey’s press sponsoring. The first day of the organization ended with a pleasant trip to Miniaturk and Bosphorus Tour. The conference started with Undersecretary of Ukraine’s Ministry of Energy and Coal Industry Yuriy Zyukov’s speech. How the critical phase Ukraine had been going through due to the unrest inside affected the coal trade was an awaiting question for the attendees. In his speech, Zyukov pointed the political and social complications Ukraine was dealing with and the effects of these problems on their country and the future effects of this on Black Sea region trade. He also informed the participants about the coal mining of Ukraine. According to the data given,
Ukraine’s coal resources are 117.50 billion tonnes on average. The currently operating reserves are 7.8 billion tonnes, out of 3.3 billion tonnes is private and 4.5 billion tonnes is state operated. Turkey with 1.2 million tonnes places the top in Ukraine’s coal imports. Turkey’s followers are Bulgaria with 0.9 million tonnes, and Morocco with 0.82 million tonnes. According to Yuriy Zyukov’s statements, Ukraine faced a down of 3.4 million tonnes in the production due to the unrest in the country. He noted that the damaged railways and ongoing conflicts made it impossible to reach 1.5 million tonnes of coal. As a result of Ukraine’s needs for different types of coal and the conflicts in the country, Ukraine called for long-term agreements. Several countries from Europe, Middle East, South Africa, North America and South America also spouted in the conference. One of the highlighted topics in the speeches was the high cost of coal energy usage. The highest cost in coal production was said to be come from mining facilities, followed by the transportation facilities which comprises one third of mining business, harbour fees, general expenses and coal preparation. In order the coal prices to be in profitable rates, 40 million tonnes of coal should be withdrawn from market. Whether China’s decrease in coal import was
compensated by India’s increased coal import and Korea’s output gap was among the discussed topics. Another issue discussed in the event was the clean energy challenge especially dominated by Germany to the coal market. Little less than 50% of the energy production of Germany in the last 3 years were via conventional methods, the rest was provided by sun, wind, biomass and wind. Natural gas systems preferred for eco-friendly usage also leaded to an effect on the coal prices. For the last 10 years, Poland had increased its coal import 3% to 21 million tonnes per annum. Even with this increase, the crisis in Russia and Ukraine, and the decrease in China’s and Indonesia’s imports slowed down the rise of coal prices which was expected to go up 90 USD limits hardly on October, 2016. Colombia targeted a more assertive and competitive place in the coal sector with the investments in river transportation, the new port, railway and locomotive researches. The spokesman from the USA pointed out that Turkey was the main metallurgical coal exporter of the States. In the hard coal exportation, Turkey was said to be the third country behind Morocco and Italy. September 2014
Turkish - Canadian Trade Organisation Explores Mutual Investment Opportunities The resource and energy-rich Western Canada is where significant activities are taking place in mining today. The Vancouver-based Turkish Canadian Chamber of Commerce has a mission to increase investment between the two countries to unprecedented levels. Founded by seasoned Turkish Canadian businessmen in 2009, the Chamber offers professional support services to Canadian and Turkish businesses. The Chamber is represented in Turkey by Mr. Akin Kosetorunu, Director for Turkey, who served as a commissioner for Canada for nearly 3 decades. The
16
October 2014
Chamber recognizes that while Turkish entrepreneurs and professionals are especially interested in investment immigration services, most Canadian businesses generally express need for market research for Turkey and consulting services included in some membership plans. AdvantageBC, a statutory trade promotion organisation representing 150 high-profile exporters and financial institutions in British Columbia is a full member of the Chamber. According to BC Government estimates, the Province’s mega LNG project only will create a million new jobs within the
next 5 years, not to mention investment and employment opportunities for Turkish companies and manpower in British Columbia. The Chamber offers quality business services to Turkish and Canadian companies pursuing business possibilities in both countries. Turkish Canadian Chamber of Commerce has a website at http://turkishcanadian. org. Mr. Akin Kosetorunu, based in Ankara, can be reached via e-mail akin.
[email protected] and Phone 0533 244 8282 October 2014
