Turkish steel maker Erdemir drops after gold resource report

Eregli Demir ve Celik Fabrikalari

05/11/2025 09:32

** Shares in Erdemir EREGL.IS slide more than 6% after the Turkish steel company published initial surveys of inferred gold resource levels at a gold mine site in Sivas

** The survey was initiated after Erdemir's mining unit Ermaden discovered gold in a licensed mining area in 2024

** Erdemir says that about 424,000 ounces of gold content were identified in 14.9 million tonnes of ore with an average gold grade of 0.89 g/t gold

** Brokerage Is Yatirim says although the identified gold resource would amount to $1.68 billion, various costs will reduce this valuation

** Is Yatirim also adds that the market could be selling the stock to take profits after it outperformed Istanbul's BIST-100 main index .XU100 by 8.75% year-to-date

** Erdemir is among the worst performers on the Turkish main BIST-100 index

 (Reporting by Miraç Eren Dereli)

 ((miraceren.dereli@thomsonreuters.com))