Kirazli is one of the lowest cost undeveloped gold projects in the world. Alamos expects to first develop Kirazli and then utilize its cash flows to fund the development of Agi Dagi.
On October 14, 2019, the Company suspended all construction activities on its Kirazli project following the Turkish government's failure to grant a routine renewal of the Company’s mining licenses.
On April 20, 2021, the Company announced that its wholly-owned Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V., which directly own and control the Company’s Turkish assets, will file a BIT claim against the Republic of Türkiye for expropriation and unfair and inequitable treatment, among other things, with respect to their Turkish gold mining projects.
The arbitral tribunal is scheduled to hear the BIT Claim in October 2024, however this date may be subject to change for reasons beyond the Company's control. |