Turk Altin Isletmeleri A.S./ADR

What Turk Altin Isletmeleri A.S./ADR does

Türk Altın İşletmeleri A.Ş. (formerly Koza Altın İşletmeleri) is Turkey's leading gold mining company, founded on August 29, 1989, and headquartered in Ankara. The company operates six active gold mines across Turkey — Ovacık, Çukuralan, Mastra, Kaymaz, Himmetdede, and Mollakara — alongside the Kaşköy open-pit operation, three development-stage projects (Karapınar, Gelintepe, Kubaşlar), and the recently added İvrindi license area in Balıkesir with an estimated ~700,000-ounce gold resource. Operations are supported by four TÜRKAK-accredited laboratories and certified to ISO 9001 (quality), ISO 14001 (environmental), ISO 45001 (OH&S), ISO 50001 (energy), and ISO 27001 (information security).

The processing infrastructure combines tank leaching and heap leaching circuits with the INCO SO2/Air cyanide destruction process and a zero-discharge tailings management system, producing gold and silver doré bars sold into commodity markets, refineries, and central bank channels at prevailing precious-metals benchmark pricing. Revenue mechanics are therefore commodity-driven — pricing set by global gold markets rather than negotiated contracts — with throughput, ore grade, and realized gold price as the primary value drivers. Capital structure includes a paid-in capital of 3,202,500,000 TL (2023) and a registered capital ceiling raised to 10,000,000,000 TL in 2026.

Ownership sits under Türkiye Varlık Fonu (Turkey Wealth Fund) via Türk Altın Holding A.Ş., with TR Anadolu İnşaat ve Ticaret A.Ş. holding 48.01%, Türk Altın Holding A.Ş. 21.99%, and the remaining ~30% trading publicly on BIST under the TRALT ticker. Leadership comprises CEO Abdurrahman Alp Beyaz, Chairman Cahit Tokmak, Vice Chairman Enis Güçlü Şirin, and board members Süleyman Özdemir, Resul Tosun, and Yavuz Subaşı. In 2026 the company rebranded from Koza Altın İşletmeleri to Türk Altın İşletmeleri and signed its first international mining partnership with Azer Gold (Azerbaijan) on January 29, 2026.

Name

Turk Altin Isletmeleri A.S./ADR

Legal name

Türk Altın İşletmeleri A.Ş.

Website

https://turkaltinisletmeleri.com

Company type

Public

Founded year

1989

Operating status

Operating

Short description

Türk Altın İşletmeleri A.Ş. is Turkey's leading gold mining company, operating six active gold mines across Turkey with tank and heap leach processing, plus development projects and an ~700,000-ounce resource at İvrindi. The state-linked producer sells gold and silver doré bars into commodity, refinery, and central bank channels.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Metal Ore Mining (2122)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Mine Operations Contracting (Open-Pit & Underground Development, Production, Load/Haul) (IMAKAKAD)

Keywords

• Gold mining operations
• Precious metals production
• Mineral processing services
• Mining laboratory analysis
• Doré bullion manufacturing

Headquarters

HQ city

Ankara

HQ country

Türkiye

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Altın Üretimi ve Satışı: Türk Altın İşletmeleri generates revenue through gold mining operations. The company extracts gold ore from its six operating mines (Ovacık, Çukuralan, Mastra, Kaymaz, Himmetdede, Mollakara) and processes it into dore bars (gold-silver alloy). These are then refined and sold, with the company producing the largest portion of Turkey's gold output. Revenue is commodity-price dependent and represents the primary revenue stream.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Türk Altın İşletmeleri A.Ş. is Turkey's leading gold mining company that operates six active gold mines (Ovacık, Çukuralan, Mastra, Himmetdede, Kaymaz, Mollakara) plus the Kaşköy Open Pit Operation, extracting gold ore and processing it into doré bars (gold-silver alloy) via tank leaching and heap leaching methods. The company sells refined gold to commodity markets, refineries, and financial institutions, and also operates a network of four TÜRKAK-accredited analysis laboratories providing mineral analysis services.

Product overview

Turk Altın İşletmeleri A.Ş. is Turkey's leading gold mining company operating six active gold mines (Ovacık, Çukuralan, Mastra, Himmetdede, Kaymaz, Mollakara) plus the Kaşköy Open Pit Operation, along with three development projects (Karapınar, Gelintepe, Kubaşlar). The company operates a network of four TÜRKAK-accredited analysis laboratories and provides comprehensive gold mining services including exploration, extraction, processing via tank leaching and heap leaching methods, and doré bullion production. The portfolio includes both underground and open-pit mining operations, serving as Turkey's first and largest gold producer.

Differentiator

Problem solved

Functional benefit

Products and services

• Ovacık Gold Mine (Ovacık Altın Madeni) Active gold mining operation located between Bergama and Dikili districts in İzmir, producing doré bullion (gold-silver alloy) through tank leaching of ore from multiple sites. Established as Turkey's first gold mine.
• Çukuralan Gold Mine (Çukuralan Altın Madeni) Largest gold production facility of Türk Altın İşletmeleri, conducting both open-pit and underground mining with ore sent to the Ovacık facility for processing.
• Mastra Gold Mine (Mastra Altın Madeni) First gold mine established by Türk Altın İşletmeleri, operating both open-pit and underground mining methods with first gold poured in March 2009 and producing doré bars through tank leaching.
• Himmetdede Gold Mine (Himmetdede Altın Madeni) Company's first heap leaching operation in Kayseri province, with commercial production starting in January 2015.
• Kaymaz Gold Mine (Kaymaz Altın Madeni) Gold mine commissioned for production in late 2011 in Eskişehir/Sivrihisar, with ore mineralization in listvenite type and production of doré bars via tank leaching.
• Mollakara Gold Mine (Mollakara Altın Madeni) Open-pit gold mining operation in Ağrı/Diyadin province, recovering gold through heap leaching after crushing and screening processes; brought into production in 2025.
• Kaşköy Open Pit Operation (Kaşköy Açık Ocak İşletmesi) Open pit mining operation for gold extraction.
• Analysis Laboratories (Analiz Laboratuvarları) Network of four TÜRKAK-accredited laboratories providing mineral analysis services using Fire Assay, AAS, and ICP OES-MS techniques for gold, silver, and multi-element detection, serving both internal operations and external clients.

Quantifiable outcome

• 6 active gold mining operations with significant production capacity
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Azer Gold (Azerbaycan Devlet İştiraki)flagshipStrategic or Co-development Partner · 29 January 2026Türk Altın İşletmeleri CEO'su Abdurrahman Alp Beyaz, Azer Gold CEO'su Zakir İbrahimov ve yönetimi ile Azerbaycan'da bir araya gelerek geliştirilebilecek iş birliği fırsatlarını değerlendirdiler. Görüşmede madencilikte bilgi paylaşımı, teknik iş birliği ve stratejik ortaklık alanlarında iki kardeş ülke arasında güçlü ve sürdürülebilir bir sinerji oluşturma potansiyeli değerlendirildi.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Kinross Gold: Senior gold producer with operations in the Americas, West Africa, and Russia; comparable as a multi-mine gold producer selling dore and refined gold into global commodity markets.
• Newmont Corporation: World's largest gold mining company with a globally diversified portfolio; comparable as a major gold producer, though at much greater scale and geographic diversification.
• Barrick Gold: One of the largest gold miners globally with operations across multiple continents; relevant comparable for portfolio scale, ESG management systems, and exposure to gold spot pricing dynamics.
• Agnico Eagle Mines: Senior gold producer with a multi-mine portfolio across Canada, Mexico, and Finland; comparable on multi-mine operations, ESG certifications, and refined bullion/dore output business model.
• AngloGold Ashanti: Global senior gold producer with operations across Africa, the Americas, and Australia; relevant comparable for dore/refined gold production and large-scale multi-jurisdictional mining operations.

Direct peers

• Endeavour Mining: Mid-tier gold producer focused on West Africa with multiple operating mines; comparable on scale, multi-asset portfolio structure, and exposure to gold commodity pricing.
• Alamos Gold: Intermediate gold producer with multiple operating mines across North America and Turkey (Kirazlı project); comparable scale, multi-mine portfolio, and similar mix of open-pit and underground operations.
• Eldorado Gold: Mid-tier gold producer that operates the Efemçukuru gold mine in Turkey and several others internationally—directly comparable as a Turkey-based gold miner competing for permits, labor, and community relations in the same jurisdiction.
• Centerra Gold: Mid-tier gold producer with operations in Canada, Kyrgyzstan, and Turkey (the Öksüt mine); directly comparable in size, mine count, and presence in the Turkish gold mining sector.

Emerging players

• Hochschild Mining: Precious metals miner with primary focus on silver and gold in the Americas; comparable as a mid-tier operator using tank and heap leaching methods and producing precious metal dore bars.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turk Altin Isletmeleri A.S./ADR