Türkiye’s Mineral Wealth Could Reduce Trade Deficit

(MENAFN) Türkiye holds a largely unexplored wealth beneath its surface that could be worth as much as $3.5 trillion, potentially reducing the nation’s annual trade deficit of over $60 billion.

This estimate was highlighted by Mehmet Yilmaz, the head of the Turkish Mining Association, during an interview with a news agency.

In just the first half of the year, Türkiye recorded a total trade shortfall of $49.3 billion, with $20.8 billion of that stemming from the mining and quarrying industries.

These figures underline the significance of the sector in the country's economic balance.

Currently, mining exploration and licensing in Türkiye span only 7.7 million hectares (19 million acres), a small fraction of the nation’s vast 302.5 million square miles.

Within this, land with active operating licenses makes up a mere 0.1% of the total area.

Moreover, just one out of every 200 exploration permits results in a fully operational mining license, according to the association’s data.

Mining operations that take place in forested zones account for only 0.1% of the country’s land. Despite legal requirements for land restoration after mining, only 113.2 square kilometers (43.72 square miles) have been rehabilitated and reforested so far.

Yilmaz emphasized that Türkiye is failing to capitalize on its subterranean resources, which could help ease the country’s trade imbalance.

He insisted that the mining industry should be a primary sector in the national economy.

“Other countries like the US, Canada, Australia, Russia, China, and India consider their mining sectors key leading sectors,” Yilmaz stated, labeling the Turkish mining sector’s reliance on foreign sources as “unacceptable.”

He also pointed out that “all mining activities prioritizing local communities and the environment for sustainability should be given support,” addressing ongoing discussions surrounding mining operations near olive groves.

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