Canadian miner Alamos Gold is ceasing its operations in Turkey, selling all its assets, including highly controversial projects, to Nurol Holding‘s Tumad Madencilik for $470 million.
Details of the Landmark Deal
Canadian mining firm Alamos Gold has officially announced its withdrawal from the Turkish market. According to reports from the Sözcü daily, the agreement involves the sale of all company assets to Tumad Madencilik, a subsidiary of the Turkish conglomerate Nurol Holding. The total value of the deal is $470 million.
The payment will be made in three stages: an initial payment of $160 million upon closing, a second installment of $160 million after one year, and a final payment of $150 million in the second year. The transaction is expected to be finalized in the fourth quarter of 2025. This sale includes the company’s contentious Kirazli, Agi Dagi, and Camyurt gold projects located in the Kazdaglari region.
Alamos Gold CEO John A. McCluskey stated that the sale unlocks significant value for the company’s Turkish assets. He added that the proceeds will be used to fund higher-return projects in North America, specifically in Canada and Mexico, and to reduce corporate debt.
A Controversial Legacy in the Kazdaglari Region
Alamos Gold‘s presence in Turkey has long been a source of public debate, centering on its projects in the Kazdaglari (Mount Ida) mountain range, which spans the provinces of Canakkale and Balikesir. In 2019, the felling of tens of thousands of trees for its Kirazli project ignited widespread environmental protests and public outrage across the country.
The backlash eventually led to the suspension of its operations after its licenses expired and it failed to secure necessary environmental approvals for other projects. In response, Alamos Gold had initiated international arbitration proceedings against Turkey through its Dutch subsidiaries. As a key condition of the sale, the company confirmed that these legal proceedings will be suspended and ultimately terminated once all contractual obligations are met.
Sector Under Scrutiny Amid New Cooperation Deal
The withdrawal of Alamos Gold comes at a time when Turkey‘s entire mining sector is facing intense scrutiny. This was amplified following a tragic landslide at the Copler gold mine in Erzincan in February 2024, which resulted in the deaths of nine workers. That mine is operated by Anagold Madencilik, a joint venture majority-owned by Denver-based SSR Mining.
Despite these ongoing controversies, a new cooperation protocol was signed this week in Ankara between the Miners Association of Turkiye (TMD) and the Mining Association of Canada (MAC). The signing ceremony was attended by Arslan Narin, the Director General of the Ministry of Energy and Natural Resources’ General Directorate of Mining and Petroleum Affairs (MAPEG). The agreement aims to implement Canada’s “Towards Sustainable Mining” (TSM) program in Turkey. MAC President Pierre Gratton noted that global demand for critical minerals is rising and framed Turkey as a key partner for Canada. However, critics have pointed out the irony of signing a new environmental and social responsibility pact following years of scandals linked to Canadian firms.
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