Canadian company to invest USD 1 billion for gold mining in Turkey

Alamos Gold Inc. which is a Canadian gold mining company will invest USD 1 billion in Turkey.

Alamos Gold Inc. is a publicly traded company on the Toronto Stock Exchange under the symbol “AGI” with operations in México and Turkey. In January 2010, the Company acquired two advanced-stage gold development projects in northwestern Turkey. The 7,657-hectare Ağı Dağı and Kirazlı gold projects contain established mineral resources and several highly prospective exploration targets.

Alamos Gold has decided to invest USD 1 billion in two mining projects in Turkey’s Aegean province of Canakkale. Having acquired the Agi Dagi and Kirazli gold mining projects in Biga peninsula from another Canadian company, Teck Mining, for USD 90 million, Alamos will dig for gold and silver, investing USD 425 million in each project in the process.

In Turkey, the company operates under the Kuzey Biga Madencilik name and has already spent USD 35 million in exploration and feasibility studies.

The company is scheduled to start producing gold in Agi Dagi by 2016 and Kirazli by 2014.

Alamos Gold Founder and CEO, John A. McCluskey has declared that the company expects to have two million ounces of gold and 9 million ounces of silver from 2 projects. Mr. McCluskey has also added  that operating of said two mines will create employment for 800 people.”

16.10.2012
BTT