Canadian miner Alamos Gold has agreed to divest its Turkish assets in a $470 million deal with Tümad Madencilik, part of Turkish conglomerate Nurol Holding, according to Sözcü.
The sale covers the Kirazlı, Ağı Dağı, and Çamyurt gold projects in the Kazdağları mountain range of Çanakkale and Balıkesir provinces. Proceeds will be channeled into higher-return developments in Canada and Mexico, while also supporting debt reduction.
The agreement features three payments: $160 million at closing, another $160 million after one year, and $150 million in the second year, with the transaction expected to conclude in Q4 2025.
CEO John A. McCluskey said the decision unlocks value from Turkish holdings and secures funding for expansion in North America.
A Controversial Chapter
Alamos faced fierce opposition in 2019 after the clearance of thousands of trees for its Kirazlı project, igniting mass environmental protests. Operations stalled after permits lapsed, and arbitration proceedings were launched against Turkey through Alamos’s Dutch subsidiaries. The company confirmed these will be dropped once the deal is finalized.
Despite halted operations, the projects became a symbol of foreign-led environmental damage and galvanized public resistance to large-scale mining in the region.
Mining Industry Under Pressure
The exit comes at a sensitive time for the sector. In February 2024, a landslide at the Çöpler gold mine in Erzincan province killed nine workers and released cyanide- and sulphuric acid-laced earth. Operated by Anagold Madencilik, a joint venture majority-owned by Denver-based SSR Mining, the incident exposed serious oversight failures.
Courts blocked further expansion, and 43 executives face charges including negligent pollution and causing multiple deaths. Five remain in custody, with the next hearings due in November 2025.
New Cooperation Protocol
Even as scrutiny intensifies, bilateral mining ties are being reinforced. Ankara hosted the signing of a cooperation protocol between the Miners Association of Türkiye (TMD) and the Mining Association of Canada (MAC).
The agreement will introduce Canada’s “Towards Sustainable Mining” (TSM) program to local operators, aiming to raise environmental and social standards. MAC President Pierre Gratton highlighted global demand for critical minerals as the driver for closer collaboration.
Turkish officials hailed the protocol as a step toward stronger governance, though critics point to the irony of new sustainability pledges following years of environmental controversies linked to foreign miners.