Türkiye has substantially increased its financial commitment to the mining sector this year, elevating the budget by 34% to 106 billion liras and marking a milestone for the industry’s growth.
This infusion of funds underscores the country’s commitment to strengthening one of its key economic sectors.
The 2024 Investment Program unveiled on Monday and reported in the official gazette reveals the allocation of over 1 trillion lira towards 12,041 projects out of which the energy sector emerges as a prime focus, capturing 7.5% of the budget.
In the mining sector, approximately 106 billion liras have been allocated for 47 specific projects. The Turkish Petroleum Corporation (TPAO) has secured the lion’s share of 99.81 billion liras.
Turkish Coal Enterprises, a key player in domestic coal production, is set to receive 2.1 billion liras.
Forty-seven mining-related projects projected are due to receive funding in the current fiscal year. With 11 projects, the Turkish state-owned mining and chemicals company Eti Maden takes the lead, closely followed by Turkish Petroleum Corporation (TPAO) with 10 projects and the General Directorate of Mining and Petroleum Affairs with seven major projects.
– Türkiye holds 70 natural resource types
Türkiye’s diverse landscape has shaped the rich history of mining, which includes a wide range of geographical areas and minerals that has become a cornerstone of the country’s economy, underpinning industrial growth and fostering job creation.
Türkiye is home to 70 different types of natural resources and is actively involved in the international trade of 60 of these minerals.
The country is well-known for having some of the top deposits of vital minerals in the world, including boron, marble, trona, feldspar, barite, gypsum, chromium, and cement.
Among the resources found in the country are an abundance of valuable metals and minerals, including gold, silver, nickel, aluminum, iron, copper, lead, zinc and antimony, confirming Türkiye’s position as a major player in the mining industry.
