Ottawa: Canadian miner Alamos Gold says it will sell its Turkyish subsidiary for US$470mil to a Middle East-based mining company, ending a years-long US$1bil legal battle.
Alamos will sell the Turkyish unit to Tumad Madencilik Sanayi, a mining company operated by conglomerate Nurol Holding.
As part of the deal, Alamos said arbitration proceedings that its Netherlands units filed in 2021 against Turkiye will remain suspended, and shall be discontinued after certain contractual milestones are reached.
Alamos has had an active presence in Turkiye since 2010. In 2019, the miner had halted construction work at its Kirazli project in western Turkiye after the mining concessions expired and amid protests against the project. — Reuters
