The Mining Law Review 5th Edition - Turkey Capital Markets
Mining investment has increased in recent years, 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 has become more liberalised each day, the Turkish government considered taking measures in order to regulate the precious metals sector, and established the Istanbul Gold Exchange (IGE) in July 2005. 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, 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 become standardised. The duties of the BIST include the determination of reference prices for precious metals, the provision of integration to national and international markets, the preparation of relevant legislation, the taking of measures in the event that any problems occur in the exchange and the 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 5
(published in 2016 – editor Erik Richer La Flèche)
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