Turkish steel maker Erdemir drops after gold resource report

About this update from Eregli Demir Ve Celik Fabrikalari T.a.s.

** Shares in Erdemir BIST:EREGL 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 BIST:XU100 by 8.75% year-to-date** Erdemir is among the worst performers on the Turkish main BIST-100 index

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