CVK Madencilik is progressing towards being the only company operating in the mining sector within the stock exchange. By offering 20% of its shares to the public through a capital increase, the company will use the revenue it earns to invest in gold mining.
CVK Madencilik has applied to the Capital Markets Board (SPK) to make a public offering. The company increased its net sales to 967 million Turkish Lira, a 234% increase, and raised its net profit to 331.7 million Turkish Lira, a 692% increase in 2022. For years, the company has been responsible for over 10% of Turkey's 1.23 million tons of chrome exports with its facilities located in Bursa, Çanakkale, and Kütahya.
Environmentally friendly production will be realized
According to the statements of the Chairman of the Board of CVK Madencilik, the company will allocate its energy needs from renewable sources. The company aims to carry out gold production without destroying forested areas, without using cyanide, and without harming the environment. The company is also preparing to access minerals such as silver and copper for export.
The target is to produce 30 thousand ounces of gold
Of the revenue generated by the public offering, 30% will be allocated to capital and the remaining 70% will be used in the establishment of gold mining facilities. With the gold production facility, expected to become operational by the end of 2024, the company aims to produce 10 thousand ounces in 2025, 20 thousand ounces in 2026, and 30 thousand ounces in 2027. The company also aims to purchase new chrome and gold deposits in Turkey and abroad.
The target is to achieve a profit of 1 billion TL in 2025
All of the company's sales are composed of export revenues. CVK Madencilik, which has a target of approximately 550 million TL in net profit for 2024 and approximately 1 billion TL in net profit for 2025, emphasizes that the most reasonable market for mining is in the Asia Pacific region. In 2022, the company's export revenues were recorded as 967 million TL.