The CVK Madencilik Sarıalan Gold Operation Project is located northeast of Sarıalan village in the Altıeylül district of Balıkesir province. Construction works in the main campus area of the licensed mining site, which covers an area of 1,562.84 hectares, have largely been completed. The independent mine haul road, security gate, weighbridge, fuel depot, warehouse and staging areas, hazardous/non-hazardous and zero-waste areas, occupational safety building, training hall and infirmary, professional kitchen, cafeteria, dormitory, and administration building constructions have all been completed. In addition, excavation works for the Tailings Storage Facility have been fully finalized. Meanwhile, construction of the processing plant with a daily capacity of 3,000 metric tons of run-of-mine ore, a 1,806-square-meter administrative office building, an internationally accredited laboratory, as well as guest reception and security buildings, are nearing completion.
To carry out the planned production activities at the Sarıalan Gold Operation, a subcontracting agreement has been signed with a domestically based company to perform the works required for open-pit ore production (including labor, all machinery, equipment, and materials). Additionally, in consideration of the planned production at the Sarıalan Gold Operation, an off-take (pre-purchase) agreement worth USD 30 million has been signed with the global commodity company Trafigura Pte. Ltd.
CVK Madencilik is using 70% of the funds obtained from its April 2023 initial public offering to finance the production facility at Sarıalan as part of its gold mining investments. The company’s application for an investment incentive certificate for the project has also been approved by the relevant authority. The investment incentive amount is approximately 2.29 billion TRY.
According to the "Mineral Reserve Report with UMREK Code" dated 23.05.2024, prepared in accordance with the 2023 format of the National Mineral Resources and Reserves Reporting Code (UMREK), the total measured (visible) reserve amount is 538,625 ounces and the total probable reserve amount is 25,156 ounces. An Environmental Impact Assessment (EIA) report has been obtained for a 913.33-hectare portion of the licensed reserve area.
