Istanbul-based gold firm jumps highest on top 500

ISTANBUL

Nadir Metal is one of very few Turkish companies that can produce gold bars. AP photo

Istanbul-based Nadir Metal Rafineri achieved the biggest jump on the top 500 companies list of Turkey in 2012, ranking 19th after not being on the top 500 list in 2011, registering annual sales of 2.4 billion Turkish Liras.

There are not more than 100 people employed by the company, which posted 2.8 million liras of profit in 2011, according to the Istanbul Chamber of Industry (İSO), which announced the biggest companies of Turkey July 23.

Gold bars are produced mainly in two refineries in Turkey, which are Nadir Metal and Istanbul Gold Refinery. Both companies are registered in the London Bullion Market Association (LBMA), whose Good Delivery List sets the quality standard for physical gold refining. These companies have the biggest share in Turkey’s gold exports, sector representatives say.

Nadir Metal was founded in 1960s to recycle micro gold particles, gradually growing into a metal refinery in 1990s, and now reaching a capacity of refining over 50 tons of gold and 150 tons of silver in a year.

The company has been a member of the Istanbul Gold Exchange since 2008 and of the Dubai Gold Exchange since October 2009.