https://www.miningweekly.com

Koza Altin, GreenOre to expand drilling for gold in Scotland

5th April 2018

By: Reuters

  

Font size: - +

TANBUL – Koza, whose founder had to abandon his Turkish gold assets, is expanding his operations in Britain with a $1-million programme to drill for gold in Ayrshire, Scotland, together with a venture partner, the company said on Thursday.

Founder Akin Ipek built a multi-billion-dollar fortune in Turkey based on gold mining, but left the country in 2015 after relations between the government and followers of US-based Islamic cleric Fethullah Gulen soured.

He has since been seeking to develop assets in the United Kingdom and in February Koza, a British subsidiary of Turkish miner Koza Altin, announced a joint venture with Australia’s Walkabout Resources to explore for gold and other metals at Slieve Gallon in Northern Ireland.

With a separate venture partner, GreenOre Gold, Koza said it would carry out 4 000 m of drilling for gold in Ayrshire.

Koza and GreenOre entered into a joint venture agreement in 2017 on GreenOre's wholly owned Ayrshire project, in southwest Scotland, and began drilling in the same year.

The plan now is to work on establishing the extent of the reserve after the 2017 drilling intersected "significant gold grades", Koza Ltd said.

The Istanbul-listed parent of Koza is in a legal battle to eject Ipek and get the subsidiary's assets, drained by protracted litigation, back under its control.

Koza Altin is one of hundreds of companies seized by the Turkish authorities and is now managed by the Savings Deposit Insurance Fund. It was placed in receivership in October 2015 for alleged links to Gulen.

Edited by Reuters

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.094 0.128s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: