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Canadian mining company Alamos Gold has reached a definitive agreement to sell all of its Turkish assets, including the Kirazli, Agi Dagi, and Camyurt gold projects in the northwestern province of Canakkale, to Nurol Holding’s mining subsidiary Tumad in a $470 million deal.
The projects are owned by Alamos through its Netherlands-based subsidiaries and have been the subject of protracted disputes with Turkish authorities in recent years.
According to the company's statement on Sunday, the transaction will be completed in three stages. Alamos will receive $160 million at closing, followed by another $160 million one year later, and a final $150 million on the second anniversary of the closing.
The latter two payments will be backed by bank guarantees from international institutions with investment-grade ratings, securing the full $470 million within two years.
The deal is expected to close in the fourth quarter of 2025, subject to regulatory approval in Türkiye and other customary conditions.
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As part of the agreement, arbitration proceedings brought by Alamos’s Netherlands subsidiaries against the Republic of Türkiye under the Netherlands–Türkiye Bilateral Investment Treaty will remain suspended, and the proceedings will be permanently discontinued once contractual milestones are met.
The arbitration had been initiated in 2021 after Turkish authorities declined to renew licenses and revoked a forestry permit for the Kirazli project.
Kirazli was the most advanced of Alamos’s three projects in Türkiye. Operations were suspended in 2019 after permits were not renewed, and the forestry license was later cancelled.
The project also faced public opposition from environmental groups.
Alamos acquired the Turkish projects in 2010 for $40 million and subsequently invested around $250 million. The company has argued that the projects had the potential to generate more than $1 billion in value and contribute $551 million in revenue to the Turkish government over their lifetime.
Alamos President and CEO John A. McCluskey said the sale provides value for the company’s Turkish assets and will allow Alamos to focus on its North American portfolio.
"This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets and utilize the proceeds to support the development of our portfolio of other high-return growth projects," McCluskey said.
"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."
He noted that proceeds will support the Island Gold Phase 3+ expansion in Ontario, the Lynn Lake project in Manitoba, and the Puerto Del Aire project in Mexico. The company also plans to reduce debt obligations with part of the funds.
Alamos Gold, headquartered in Toronto, is a mid-tier gold producer with operations in Canada and Mexico and a development-stage project in the United States.
The company employs more than 2,400 people and is listed on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol "AGI."
The buyer, Tumad, is part of Ankara-based Nurol Holding, a conglomerate active in construction, defense, tourism, and mining.
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