ZIRAAT BANK CREDIT AGREEMENT
13 April 2021
GÜBRETAŞ MADEN YATIRIMLARI A.Ş. AND ZİRAAT BANK COOPERATE ON “SÖĞÜT GOLD MINE PROJECT”
A cooperation and loan agreement were signed between Gübretaş Maden Yatırımları A.Ş and Ziraat Bank to bring the gold resource in the Söğüt Gold Mine Project to the country's economy.
The cooperation and loan agreement regarding the preparation phase of the Söğüt Gold Mine Project was signed at the Agricultural Credit Building with a ceremony attended by Agricultural Credit General Manager and GÜBRETAŞ Maden Yatırımları A.Ş Chairman of the Board Mr. Fahrettin Poyraz and Ziraat Bank General Manager Mr. Alpaslan Çakar.
In his speech at the ceremony, Poyraz said that they signed a protocol to further the cooperation with Ziraat Bank, specifically for the Söğüt Gold Mine.
Poyraz said: “Our cooperation is not only limited to the agricultural dimension; we also develop joint projects in different sectors as we find opportunities in the developing conditions of Turkey. Today, we gathered about the financing of the Söğüt Gold Mine Project of GÜBRETAŞ Maden Yatırımları A.Ş., which was established as a subsidiary of GÜBRETAŞ, the largest subsidiary of Agricultural Credit. There was a limit allocation of $135 million to be used this year. Hopefully, as in all our other activities, we will cooperate in the next period to provide the financing needs for the operation of the Söğüt Gold Mine Field and the making of the investments under the leadership of Ziraat Bank.”
“We plan to produce about 6-7 tons of gold annually.”
Noting that they foresee an investment of 450 million dollars in the gold mine in question, Poyraz said, “We are planning to produce approximately 6-7 tons of gold annually in the two different ore fields, Akbaştepe and Korudanlık, after hopefully completing the processes quickly and starting production. When we talk about the current figures, we are talking about a production amount of about 15 percent of the total annual gold amount produced in Turkey.”
Çakar also stated that Ziraat Bank wants to take part in all projects that will contribute to production, investment, employment and exports. Noting that the import of gold has increased from time to time in Turkey and has a negative impact on the current account balance, Çakar stated that this project will also contribute positively to the current account balance and employment.
Çakar said, “This project is for the extraction and processing of gold. We made our plans to take part in the entire project.”
Gübretaş Maden Yatırımları A.Ş.
