Projects

 

EFEMCUKURU GOLD MINE 

Significance of the Project

The Efemçukuru Gold Mine has made significant and tangible macroeconomic improvements at both the national and provincial scale while creating new employment opportunities at the local and regional level. 
 
The major benefits associated with the Efemçukuru 
mine are discussed below. 

Job Creation and Skill Development
          The Efemçukuru mine employs more than 500 employees and contractors. These people have received considerable training that is applicable to the jobs they perform on site and that can be applied to employment beyond the mine. This training has improved the overall level of workforce qualifications at the regional level. 
Value Added Effect 
          The gold produced at Efemçukuru defines the effects of benefit arising from the sale of the gold produced, to another user for the conduct of some processes or transactions. 
Multiplier Effect of Income Growth
          The direct and indirect impacts of the mine’s investment and purchases contribute to a stronger local economy. As businesses see their revenues increase, they are also more likely to re-invest in infrastructure and hire new employees – ultimately creating a multiplier (snowball) effect. 
International Competitiveness 
          Countries that are exporters have a price advantage in world markets. This situation increases Turkey’s competitive power in international markets because it qualifies as a gold exporting country.
Economic Effects of Gold Production
          Gold production to meet the demand of the domestic market and make use of the country’s production potential (including end products as well as the export of jewellery made by domestic goldsmiths) positively impacts Turkey’s bottom line. It ultimately decreases the amount of foreign exchange outflow to foreign countries, accompanied by reduced interest rates, thereby ensuring the implementation of a more solid domestic monetary policy. In addition, reduced interest rates help investors obtain financial resources under more favourable funding conditions. In turn, this provides more favourable discount rates, interest rates and payment terms for physical investments – leading to positive impacts on employment and the social security system.  
Relative Effects 
          The logistics requirements to run a large-scale operation like our mine benefit other industries, thereby increasing their level of technological development and professionalism. 
Effects on Social Security System 
          Our employees – as well as those employed indirectly by businesses that supply goods or services to our operations – participate in the social security system, contributing to the health, retirement and pension system. 
Sales and Taxes
          Taxes collected from gold exports and Value Added Tax collected from each domestic sale increase treasury revenues and contribute to the growth of the national economy. Moreover, the domestic sale of gold after it has been processed, and the entry of processed products to the wholesale and retail markets, increases the volume of sales and profit at every step of the sales transaction process, ultimately resulting in the collection of additional income taxes and corporate taxes. 
Training Opportunities and Raised Awareness of Occupational Health, Safety and Environmental Issues 
          Ongoing training in occupational health, safety and the environment increases the overall knowledge, skill level and expertise of our employees. Tüprag also provides developmental training programs for its employees as well as for members of disadvantaged groups (the handicapped, women, etc.).  
Infrastructure
          Our investments in infrastructure (roads, power transmission lines and water supply lines) add value both during the life of the mine and after its closure. 
Investments in Social Responsibility Projects and Other Community Projects
          Based on our understanding of the needs of the local community, Tüprag has invested in many social responsibility and aid projects and will continue to do so throughout the life of the mine. 

© TÜPRAG is a subsidiary of Eldorado Gold Co. 2013.