Page 61 - Annual Report 2019

ÜMAD Mining Industry and Trade Inc. is the first Turkish approval, complaints and feedbacks from the local public for
company to receive two international project-financing ensuring their support to the related activities. TÜMAD Mining
T awards in the field of Natural Resources. It has completed Industry and Trade Inc. that takes into account the employment
the project finance process of $ 210 million and developing the of local people and local purchasing while continuing its
project refinancing process of $ 275 million with the European activities; it has local employment rate of 60% across Ivrindi and
Bank for Reconstruction and Development (EBRD). 70% across Lâpseki; and local purchasing rate of 27% across
Ivrindi and 16% across Lâpseki.
TÜMAD Mining Industry and Trade Inc. which was started
mining activities in 2011, is a Turkish mining group that aims at Ivrindi Project
sustainable gold mining and it has enterprises, projects and
TÜMAD Mining Industry and Trade Inc. has started to İvrindi
searches on precious and base metals with its mineral
Gold and Silver Mine Enrichment Project in İvrindi district of
exploration licenses.
Balıkesir province in 2012. The Ivrindi project, which started after
TÜMAD Mining Industry and Trade Inc. has set itself the goal of the investment decision, completed basic and detailed
sustaining and continuously improving the highest engineering works and construction and installation works and
environmental, H&S and community relations performance in also gold production started in August 2019. Ore is produced by
the world in the processes of implementation and management open pit method, will process heap leach facility that have 7.7
of mining studies from searches to rehabilitation. By making mton capacity. As of the end of 2019, 12,500 ounces of gold were
advanced explorations in respect of nature, environment and poured in the Ivrindi project.
people without sacrificing its quality in potential mining sites,
Lâpseki Project
TÜMAD is among the important gold producers of the country
with sustainable mining projects where a large scale of TÜMAD Mining Industry and Trade Inc. has been completed in
economic and social development integrates with the 2016 the construction phase of the Lapseki Gold and Silver Mine
environment. Enrichment Project in Lapseki district of Çanakkale province and
started gold production in December 2017. In Lâpseki Plant,
TÜMAD Mining Industry and Trade Inc. with its all mining
which was commissioned in November 2017, mining activities
facilities and projects have the best applicable Technologies
are ongoing in the Kestanelik and S pits. In addition to that, in
since they have all national and international standards with all
2019, the underground mine quarry was commissioned and ore
their components ranging from HSE, Environment, Community
production started. The ores from open pits and underground
Relations, Quality and Integrated Management systems. In
addition, TÜMAD’s quality system is certificated to TS EN ISO pits are fed to the production facility and the plant operates at
full capacity. The capacity of the plant, which is 750.000 t/year
9001: 2015 Quality Management System, TS EN ISO 14001: 2015
with tank leaching, will be increased by the optimizations. As of
Environmental Management System and ISO 45001: 2018
the end of 2019, 120,000 ounces of gold were produced and the
Occupational Health and Safety Management System
commissioning works were completed in the Lâpseki project.
Certificates.
TÜMAD Mining Industry and Trade Inc. apart from Lapseki and
İvrindi projects, it continues its Gold-Silver-Copper-Lead-Zinc
exploration projects in internal field, primarily in Western
Anatolia and Black Sea Region, and external field.
TUMAD MINING INDUSTRY AND TRADE INC. (Thousand TL)
NI-43-101 Canadian standards with the feasibility of Ivrindi and
Lâpseki projects, TÜMAD Mining Industry and Trade Inc. 2017 2018 2019
continues its activities. All works in our projects are carried out TOTAL ASSETS - 1.926.700 2.553.917
in accordance with the cyanide code. Our company provide SALES INCOME - 269.955 686.690
economic and social growth in areas where mining activities EBITDA - 147.644 384.378
shall be carried out while preserving the nature with its local (1) Figures are calculated from the consolidated financial statements in accordance with IFRS.
(2) Tümad’s functional currency is US dollar.
purchasing and local employment that based on mutual trust, (3) Since the projects are in developing phase no material financial data is available before 2018
(4) Lapseki and İvrindi gold mine projects have commenced their operations in 2018 and second half
respect to values, open and clear communication, social of 2019 respectively.

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