Turkey’s mining industry has gone through the same dramatic changes. Only 15 years ago, 85% of the mining operations were controlled by the state; today, the ratio is reversed. Overloaded with cash flows predominantly proceeding from the construction sector, the so-called “Anatolian Tigers” have diversified into the mining sector by making the most out of the liberalization process. At the same time, Erdoğan’s nine-year, investor-friendly tenure paved the way for international mining companies to increase their exploration efforts across the Anatolian peninsula, a varied, rich, but largely unexplored geological setting.

Turkey abounds with precious and base metals and it also sits on large industrial mineral deposits such as boron. Overall, the country ranks 10th in the world for the mineral variety of its underground resources: 50 different minerals are found in economically adequate quantities, while another 27 types have been discovered but lack the quantity or quality to be commercially exploited. Booming commodity prices have recently augmented this mineral potential. As return rates on mining operations have dramatically bounced back following the global financial crisis, exploration activities have intensified and lower-grade ores are increasingly mined through sophisticated technologies.