The Mining Law Review 4th Edition - Turkey Capital Markets
In recent years, mining investment has increased and now plays a significant role in
the Turkish economy. More than 70 types of mineral are found in Turkey, nearly all of
which attract investors, but those that are categorised as ‘precious metals’ are generally
of the highest interest. Since the business of mining was rapidly growing and each day
became more liberalised, the Turkish government considered taking measures in order to
regulate the precious metals sector, and in July 2005, the Istanbul Gold Exchange (IGE)
Following the establishment of the Borsa Istanbul AS (BIST), the unlisted trade
of gold has been prohibited, and a fair and competitive marketplace has been provided
for investors. Likewise, the competition between Turkish gold mine investors and foreign
gold mine investors has increased. It should also be noted that since the BIST provides
certain standards for gold to be traded on the metals exchange, the overall quality within
the sector has increased and has been standardised.
The duties of the BIST include the determination of reference prices for precious
metals, provision of integration to national and international markets, preparation of
relevant legislation, taking measures in the event that any problems occur in the exchange
and provision of precious metal markets.
The Mining Law Review
Reproduced with permission from Law Business Research Ltd.
This article was first published in The Mining Law Review - Edition 4
(published in October 2015 – editor Erik Richer La Flèche)
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