Turkey's Koza Altin Says Gold Reserves Up 20% to 4.2 Million Ounces in 2014

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Researched by Industrial Info Resources (Sugar Land, Texas)--Gold-mining company Koza Altin (BIST:KOZAL) (Istanbul, Turkey) reported 4.2 million ounces in adjusted reserves for 2014, up 20% from 3.5 million ounces at year-end 2013. According to a company filing to Istanbul Bourse, Koza Altin reported 317,000 ounces of gold production for 2014, up 28% from 2013.

The 700,000 ounces in annual resources and reserve additions could be perceived favourably by the market participants, following the 200,000 year-over-year decline observed in 2013. Measured and indicated resources and reserves came to 7.3 million ounces (measured resources: 2.9 million, indicated resources: 4.4 million), versus 7.5 million ounces in 2013. Inferred resources have stood at 6.1 million ounces in 2014, versus 5.8 million ounces in 2013. The increase in the range of exploration activity to grassroot areas, in addition to the location in proximity to the mines, appear to have led to mostly sustained resources and reserve additions.

"The potential regulatory headwinds regarding the continuity of its existing operations and weak gold price outlook dims Koza Altin's outlook ahead," said Koray Pamir, an analyst at Deutshce Bank in Istanbul.

Deutsche Bank expects gold prices to average at $1,169 per ounce in 2015 and $1,125 per ounce in 2016. Gold prices have rallied 9.1% this year as volatility has risen in currency markets, which spurred a rising demand for safe haven assets like precious metals.

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