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A Turkish fertilizer producer expects to net $3 billion of profit from a recent gold discovery that may allow its parent company to fulfill its ambitions of starting an Islamic bank.
Those earnings would be more than five times the annual sales of Gubretas, which earlier this month announced it found 3.5 million troy ounces of gold reserves worth about $6 billion at current prices.
The bullion will be extracted by its 75%-owner Agricultural Credit Cooperatives with the help of external experts, said Fahrettin Poyraz, Gubretasβs chairman and chief executive officer of the cooperative known as Tarim Kredi. He didnβt disclose a time line of the earnings expected to flow from the project.