AgaOne to Convert Botswana into Africa's Precious Metals and Jewellery Hub

AgaOne Commodities aims to position Botswana as a strategic hub for a high-value-added precious metals ecosystem built around gold, while creating complementary value for the country's globally recognised diamond industry. Through its integrated "mine-to-market" approach, the company plans to participate across the entire gold value chain, from mining and refining to investment products, jewellery manufacturing and access to international markets. By transforming Botswana's gold into value-added products locally and leveraging Türkiye's internationally recognised expertise in jewellery manufacturing, AgaOne aims to contribute to the long term development of Botswana's precious metals sector while strengthening economic ties between Botswana and Türkiye.

The initiative is expected to include a phased investment of up to USD 70 million, subject to agreements with the Government of Botswana, reserve data and the availability of existing investment infrastructure, with a production target of 700,000 ounces of gold over a five-year period.

AgaOne Commodities, together with its local partner Nova Africa Resources, plans to invest millions of dollars in the Mupane Gold Mine following the completion of the necessary studies. Following the completion of the required processes and approvals, the joint venture is expected to take over Mupane Gold Mine in a transaction valued at USD 21.5 million. The partnership aims to transform Mupane into the foundation of a regional precious metals hub while supporting Botswana's long term development through investment in mining, refining, technology, employment and human capital.

AgaOne Commodities plans to turn Mupane Gold Mining, Botswana's only gold mine, which has been inactive for some time, into the cornerstone of a regional gold refinery, jewellery manufacturing and trading sector. AgaOne Commodities Co-Founder and Vice Chairman Gökhan Yılmaz stated that the joint venture established with citizen-owned Nova Africa Resources aims to achieve far more than simply restarting mining operations.

"We believe Botswana's reputation for political stability, strong governance and investment-friendly policies provides an ideal foundation for establishing an integrated precious metals industry aligned with the country's Vision 2036 economic diversification strategy. AgaOne's vision goes beyond mining. We do not see Mupane merely as a gold deposit to be extracted and left behind. Instead of exporting raw doré, we aim to refine and produce value-added investment gold. This will allow a larger share of value and employment to remain within Botswana. We see Mupane as the entry point for building an integrated 'mine-to-market' precious metals ecosystem in Botswana. As a consortium, we recently gained the opportunity to take over Mupane Gold Mining. Subject to the approvals of the Government of Botswana and the completion of the due diligence process, we aim to restart production by mid-2027. Depending on the outcome of government agreements, reserve data and investment feasibility assessments, we plan a phased investment that may reach up to USD 70 million over five years, with a target of producing 700,000 ounces of gold."

Unlike previous operators, AgaOne aims to generate higher added value by refining gold locally with the support of its refining technology, producing investment products and jewellery, and positioning Botswana as a regional precious metals hub, thereby ensuring that a greater share of the value remains within Botswana.

Yılmaz stated that AgaOne brings more than 25 years of experience in the precious metals sector and an annual turnover exceeding USD 2.5 billion to the project, enabling the company to plan phased and significant investments to restart and modernise the mine, while also developing sub-sectors that will create long term economic value.

Gold mining in Finland and Botswana

Following the finalisation of its partnership in Laiva Gold Mine in Finland, Europe's largest gold mine, AgaOne Commodities Co-Founder and Vice Chairman Gökhan Yılmaz stated at Mupane that the Botswana investment further strengthens their gold mining vision. He said:

"Employment will be at the heart of the revitalisation process. We are committed to prioritising former Mupane employees, recruiting from surrounding communities and supporting citizen-owned suppliers. Drawing on Türkiye's world-renowned expertise in jewellery manufacturing and precious metals, we plan to establish a Technical Training Centre comprising a Mining Academy, specialised programmes in jewellery design, minting and manufacturing, and our Women Up initiative. Together, these programmes will equip Botswana's citizens with skills that extend well beyond traditional mining careers."

Yılmaz also added that environmental responsibility will be a core principle of the project, with AgaOne committed to integrating renewable energy, recycling water, undertaking progressive land rehabilitation and adhering to internationally recognised responsible sourcing standards.

Emphasising that the project is built based on a partnership with Botswana, Yılmaz said:

"We are taking over the mine through our joint venture with Nova Africa Resources, a citizen-owned company. This project will succeed not only in Botswana but also if it is built together with Botswana."

According to Yılmaz, Botswana has the potential to pave the way for an entirely new jewellery manufacturing industry by combining its world-renowned diamonds with responsibly sourced, traceable and locally refined Botswana gold. Stating that AgaOne is bringing this potential together with its own vision, Yılmaz said:

"Our vision for Mupane is for it to become the foundation of Botswana's integrated gold industry; one that creates employment, skills, infrastructure and new manufacturing opportunities through gold that is refined, certified and transformed into value-added products within Botswana before reaching global markets. For us, the phrase 'Beyond Mining: Building Botswana's Future' expresses exactly this vision. We are here for the long term, and we are determined to turn this new era into a success story that the entire country can be proud of."

About AgaOne Commodities

AgaOne is an integrated precious-metals group founded in 1995, creating value across the entire value chain, mining, refining, fabrication and minting, trading, and regulated digital gold.

• Global group. More than 25 years in precious metals; 150+ employees; five global hubs across six countries of operation; over USD 2.5 billion in annual turnover.
• Refining & minting. Aleks Metal Refinery (Istanbul): 55+ tonne annual gold capacity, around 330 kg daily production, LBMA-aligned and one of a select number of gold refineries worldwide certified to the RJC Chain-of-Custody standard, with in-house assay and 30+ minted product lines.
• Mupane Gold Mine. Botswana's only gold mine, located approximately 30 km from Francistown. In production since 2005, the mine is a permitted brownfield operation with an existing on-site processing plant. It is being revitalised through AgaNova, the AgaOne–Nova Africa joint venture.
• Commitments in Botswana. Technical Training Centre, Mining Academy, Women Up programme and university–industry links; low-carbon operations, water reuse and land rehabilitation.
• Laiva Gold Mine. At the beginning of 2026, AgaOne also took a partnership step by investing in Laiva Gold Mine in Finland, Europe's largest gold mine.