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which—amounting to some $5bn—are owed by seven coal-fired power plants.
The Sierra article looks at Turkey’s southeastern region of Afsin-Elbistan, home to one of the country’s largest and most fertile flatlands and also 30% of Turkish lignite coal reserves. Farming lifestyles very much came to an end there in the 1980s when state-initiated efforts to extract coal and build under-regulated coal plants forced many locals there into exile.
Besieged by two massive coal-fired power plants as well as a coal mine, everyone who had the opportunity to leave left, locals say.
Despite the climate crisis, there are plans to build six additional coal plants in the Afsin-Elbistan region, meaning Turkey is second only to China in terms of its coal-fired plant capacity in preconstruction development.
9.1.7 ​Metallurgy & mining sector news
Turkey's crude steel production hit 16.3mn tonnes in the first half​ of this year, declining 4.1% y/y, according to ​data​ from the Turkish Steel Producers' Association (TCUD).
The country’s steel exports fell more than 11% on an annual basis to 9.9mn tonnes while steel revenues from shipments to foreign markets slipped 17% y/y to $6.8bn in January-June.
Turkey paid $4.8bn for the 6.1mn tonnes of steel it imported in the first half of 2020. In terms of volume, imports showed a 11% increase on an annual basis.
In June alone, local steelmakers’ output rose nearly 4% y/y to 2.8mn tonnes.
Turkey’s central bank has reportedly been the only buyer of gold produced in the country since 2017 and that policy is unlikely to change​.
Bloomberg reported a sector official as saying so on August 24, adding that the national lender has been the biggest buyer of gold bullion among global monetary authorities this year, adding 170 tonnes to its inventory.
Turkish production of gold is expected to increase 16% to 44 tonnes in 2020, with all of that amount set to be purchased by the Ankara-based central bank, Hasan Yucel, head of the Turkish Gold Miners’ Association, was cited as saying.
Legislation approved three years ago gave the central bank the first right of refusal on gold mined in Turkey at existing market prices.
The value of the central bank’s gold reserves surged to a record high in the week ending August 7. It fell 5% the following week, marking the biggest decline in five months, reflecting moves in global market prices. The regulator’s foreign currency reserves, meanwhile, stand at a 15-year low following huge efforts made to defend the lira by burning up dollars on the market.
Turks are among the world’s leading buyers of gold, which they traditionally present as gifts at events such as weddings and circumcisions.
Gold is also an important component of Turkey’s current account. The current account deficit has widened this year, with imports outstripping exports, pressuring the lira. The currency fell to a record lows in August.
54​ TURKEY Country Report​ September 2020 ​ ​www.intellinews.com