Loading ...Canada’s Alamos Gold (TSX, NYSE: AGI) is seeking to obtain more than $1 billion from Turkey for what it deems as “unfair and inequitable treatment” of its Kirazli gold project, which has been halted since 2019 following protests and the expiration of the mining permit.
The Toronto-based miner and its Netherlands units, which have had an active presence in Turkey since 2010, said the claim will be filed under a Netherlands-Turkey bilateral investment treaty.
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“Alamos and the subsidiaries have invested over $250 million in Turkey, unlocked over a billion dollars’ worth of project value, and contributed over $20 million in royalties, taxes and forestry fees to the Turkish government,” the company said in the statement.
Alamos Gold seeks $1bn from Turkey over stalled Kirazli project