Alamos Gold has announced the sale of Kirazlı, Ağı Dağı and Çamyurt projects located in north-western Türkiye to a local miner Tümad for $470 million in cash.
The first part of the transaction in the amount of $160 million is payable upon closing the deal, another $160 million will be paid one year later, and $150 million - in two years after the closing of the deal.
“This transaction marks a positive outcome, allowing us to crystalize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects,” said Alamos president and CEO John McCluskey.
Proceeds will go toward funding the Phase 3+ expansion of Island Gold in Ontario, the Lynn Lake project in Manitoba, as well as reducing debt obligations.
“These projects are all located in North America, they are all lower cost, and they underpin one of the strongest growth profiles in our sector,” McCluskey added.
Theodor Lisovoy, Managing Editor, Rough&Polished
