Türkiye’s Hacıoğlu Gold Mining to invest $200 million in West Africa

Turkish mine operator and exporter Hacıoğlu Gold Mining is set to invest US$200 million across three countries in West Africa – a region that CEO Yasin Hacıoğlu describes as ‘one of the most important globally’ in the gold sector.

Ghana, Burkina Faso and Mali will produce 8.4 million ounces (Moz) of gold in 2024, according to latest research data included in Hacıoğlu’s latest press release. Established by the Hacıoğlu family in 1986, the company has assets in five countries including Türkiye, Serbia, Israel, Ghana and Kenya.

“West Africa is currently one of the most important regions globally for the gold industry but we also believe there is still huge potential for gains and market share,” said CEO Hacıoğlu. “With that, our company has increased its capital more than $2.4 billion to expand existing extensive multi-territory gold operations towards our newest West African strategy.”

General director and expert in cross-border deal structuring Thomas Benn has also joined Hacıoğlu’s West Africa mining operation to assist the company’s expansion into the region and replicate Hacıoğlu’s success in East Africa.

“We want to bring not only our expertise in the gold and mining sector to the region but also become a valued participant within the community through reinvestment in education, healthcare and hospitality,” Benn said.

Hacıoğlu aims to export one tonne of gold from West Africa to Istanbul by 2023.