Koza Altın
Turkish gold-mining company operating mines, processing facilities, and exploration projects in Turkey.
Last updated August 25, 2026
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Overview
Koza Altın İşletmeleri A.Ş., commonly known as Koza Altın, is a Turkish gold-mining company whose activities include gold exploration, mine development, ore processing, and production. The company traces its operating history to 1989, when it was established as a Turkish branch of the former Australian mining company Normandy Mining. Its early operating base was the Ovacık gold mine and processing facility near Bergama in Turkey’s Aegean region. In 2005, Koza İpek acquired all shares in the operation, bringing the business into the Koza İpek group and creating the basis for the modern Koza Altın enterprise. The company expanded its production footprint during the 2000s and 2010s. Küçükdere, near Havran, began operating in 2006, with its ore processed at Ovacık. The Mastra mine and a second processing facility near Gümüşhane began operations in 2009. In Central Anatolia, the Kaymaz mine and a third processing facility near Sivrihisar were established in 2011. Himmetdede, near Kocasinan, subsequently became a fourth processing center, and commercial gold production began there in 2015. These developments gave Koza Altın a geographically distributed production network rather than a business centered on a single mine. Koza Altın’s business model combines control of mining assets with in-house processing infrastructure. Its operating portfolio has included open-pit and underground mining activities, ore treatment, recovery of gold from extracted material, and broad exploration programs intended to extend reserves and identify new deposits. The company has also participated in international exploration through a joint venture with Canada-based Medgold Resources, focused on gold and silver exploration in Portugal. The company became a significant participant in Turkey’s domestic gold-mining industry and entered the Turkish capital market through an initial public offering in February 2010. The supplied reference material reports an IPO value of approximately 2.2 billion Turkish lira and a market value of approximately 5 billion Turkish lira by 2012; those historical figures are not treated here as current financial information. By December 2014, the company reportedly held 57 operating licenses and 281 exploration licenses across Turkey, illustrating the scale of its exploration position in addition to its producing mines. Koza Altın is positioned as a vertically integrated Turkish precious-metals producer with an emphasis on domestic mineral assets, exploration-led resource growth, and company-operated processing capacity. Its principal public identity is industrial rather than consumer-facing: the brand is associated with gold production, mining infrastructure, geological exploration, and the economic and regulatory issues surrounding mineral development in Turkey. The available reference material does not establish a current corporate website, detailed present-day ownership structure, current production figures, or a complete account of post-2015 operations, so those aspects require further verification.
History
Koza Altın’s history begins in 1989, when the business was established as a Turkish branch of Normandy Mining, an Australian mining company. Its initial operating focus was the Ovacık gold mine near Bergama in the Aegean Region. Ovacık also became the location of a processing center, allowing the company to treat ore close to the mine rather than relying entirely on external facilities. A major ownership transition occurred in 2005, when Koza İpek purchased all shares in the company. This transaction placed the mining operation within the Koza İpek corporate group and marked the beginning of Koza Altın’s development as a prominent Turkish gold producer. The company then expanded its operating base through a sequence of mine and processing investments. In 2006, Koza Altın opened the Küçükdere gold mine near Havran in the Marmara region. Ore from Küçükdere was processed at the Ovacık facility, linking the new mine to the company’s existing metallurgical infrastructure. In 2009, operations began at the Mastra gold mine near Gümüşhane in the Black Sea Region, together with a second processing center. This added both a new production area and greater regional processing capacity. The company continued its expansion in Central Anatolia. The Kaymaz gold mine and a third processing center near Sivrihisar were established in 2011. A fourth processing center was later developed at the Himmetdede gold mine near Kocasinan, where commercial production began in 2015. The sequence of these developments shows a strategy of building a multi-site Turkish production system supported by dedicated processing facilities. Koza Altın also developed a substantial exploration portfolio. According to the cited operational information, by December 2014 it held 57 operating licenses and 281 exploration licenses across Turkey. In addition to its Turkish assets, the company participated in a joint venture with Canadian company Medgold Resources for gold and silver exploration in Portugal. This international activity complemented, rather than replaced, the company’s core focus on Turkish mining properties. The company entered public markets through an initial public offering in February 2010. The supplied historical source records an offering value of approximately 2.2 billion Turkish lira and reports a market value of approximately 5 billion Turkish lira by 2012. These figures belong to the historical period and should not be interpreted as current valuation data. The available material does not provide enough verified information to describe later ownership, governance, production, legal, or operational developments in detail. Consequently, the historical account is strongest through the establishment of the Himmetdede operation and the company’s 2014 license position.
- 2015
Himmetdede reaches commercial production
[1]Commercial gold production began at the Himmetdede mine and its associated fourth processing center near Kocasinan.
- 2014
Expansion of license portfolio
[1]The company was reported to hold 57 operating licenses and 281 exploration licenses across Turkey by December.
- 2011
Kaymaz mine and processing center established
[1]The Kaymaz gold mine and a third processing center near Sivrihisar were established in Central Anatolia.
- 2010
Initial public offering
[1]Koza Altın became publicly listed through an initial public offering in February.
- 2009
Mastra operations begin
[1]The Mastra gold mine and a second processing center near Gümüşhane entered operation.
- 2006
Küçükdere mine opens
[1]The Küçükdere gold mine near Havran began operating, with its ore processed at the Ovacık facility.
- 2005
Koza İpek acquires the company
[1]Koza İpek purchased all shares in the business, bringing the mining operation into its corporate group.
- 1989
Establishment as a Normandy Mining branch
[1]Koza Altın traces its origins to the establishment of a Turkish branch of the former Australian mining company Normandy Mining.
Products and positioning
A Turkish, exploration-led gold producer with integrated mining and ore-processing operations across several regions of Turkey.
Mining · 1989
Gold mining
Gold mining is Koza Altın’s core activity. The company has operated multiple gold mines in Turkey, including Ovacık, Küçükdere, Mastra, Kaymaz, and Himmetdede. Its operating model combines extraction from company-controlled mineral deposits with processing and recovery activities at associated or regional facilities.
Mineral processing · 1989
Gold ore processing
Koza Altın operates or has operated processing centers associated with its mining network. Ovacık served as the first major processing location and also processed ore from Küçükdere. Additional centers were established near Mastra, Kaymaz, and Himmetdede, supporting a geographically distributed production system.
Mineral exploration
Gold and silver exploration
Exploration is a substantial part of the company’s business, supported by a large portfolio of Turkish exploration licenses. Koza Altın has also participated in a joint venture with Medgold Resources for gold and silver exploration in Portugal, extending its exploration activity beyond Turkey.
Sources1 sources
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