Page 94 - TURKRptSept19

neglected company. Its demise was accelerated by a succession of political decisions, and its future ownership has been a source of much controversy. Liberty House bemoaned it falling back into foreign hands after Tata Group sold it to UK-registered Greybull Capital, claiming their plan would increase the company’s longevity and sustainability. MPs have been accused of losing interest in the ultimate fate of the company.
What lies behind the Turkish move? The deal may have been motivated by Erdogan’s own personal agenda. Oyak’s move may allow the British government to avoid criticism over the liquidation of a former British industrial icon; Erdogan may expect the UK to return the favour. Indeed, many Gulen sympathisers, most prominently high-profile and self-professed Gulen acolyte Akin Ipek, have fled to the UK; Turkey’s attempts to extradite them have thus far been thwarted. Whether Erdogan can realistically expected the UK to move on this issue seems doubtful. Despite its political links, Oyak remains a well- run, if secretive, fund. Its decision-making is largely independent and it is largely staffed by technocrats. But it has been shielded from normal government oversight and audit; in 2016 it stopped publishing its annual reports on its website. In short—the fund is something of a cipher, and the UK government should consider carefully the political quid pro quo Erdogan may ask for in return for stepping in to save British Steel.
Around 5,000 protesters from across Turkey gathered on the outskirts of a small town in the west of the country to protest against a Canadian- owned gold mine project they claim will pollute the environment, Middle East Eye reported on August 5. The peaceful but unusually large demonstration took place near the town of Kirazli on August 4. The gold mine project is owned by Dogu Biga Mining, the Turkish subsidiary of Canada- based Alamos Gold.
Canada’s Global Atomic Corporation has announced that its subsidiary Befesa Zinc has resumed operations at its electric arc furnace dust (EAFD) processing plant in Iskenderun, Turkey, following an expansion. The expansion from 65,000 tonnes to 110,000 tonnes of EAFD processing capacity was completed on time and within budget, the Toronto-based company said in a statement, adding that the expansion project started in January this year. Approximately 20,000 tonnes of EAFD is presently stockpiled at warehouses and plant facilities. Following the expansion investment, if all goes to plan the zinc recovery rate is to improve from 80% to 90%, and zinc contained in concentrate will double to 60 million pounds annually at full utilisation. Global Atomic Corporation is a TSX listed company providing a combination of high-grade uranium development and cash flowing zinc concentrate production. Global Atomics' Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, a joint venture which operates a processing facility in Iskenderun that converts EAFD into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The company's joint venture partner, Befesa Zinc S.A.U., listed on the Frankfurt exchange, holds a 51% interest in, and is the operator of, the JV. Befesa is a market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe and Asia.
9.2.11 Other sector corporate news
● Koc Holding
Net profit of Koc Holding, Turkey’s largest conglomerate, slightly rose to TRY1.43bn in Q2 from TRY1.41bn a year ago while revenues increased to TRY40bn from TRY33bn. Market expected a net profit of TRY1.17bn in the quarter. H1 profit declined to TRY2.21bn from TRY2.56bn a year ago while revenues rose by 22% y/y to TRY40bn in the first half.
● Arcelik
94 TURKEY Country Report September 2019 www.intellinews.com