Canadian mining company Alamos Gold is pulling out of Turkey, agreeing to sell all its assets to Turkish conglomerate Nurol Holding’s Tümad Madencilik for $470 million, the Sözcü daily reported on Monday.
The assets include the controversial Kirazlı, Ağı Dağı and Çamyurt gold projects in the Kazdağları region, a mountain range in northwestern Turkey, spanning the provinces of Çanakkale and Balıkesir. The company said the proceeds will be used to finance higher-return projects in North America and to reduce debt.
The deal involves three staged payments, $160 million upon closing, another $160 million after one year and $150 million in the second year, and is expected to close in the fourth quarter of 2025, according to Sözcü.
CEO John A. McCluskey said the sale created significant value for the company’s Turkish assets and would help fund projects in Canada and Mexico.
Alamos Gold had long been at the center of controversy in Turkey due to its activities in the Kazdağları region, where its Kirazlı project permit led to the felling of tens of thousands of trees in 2019. The move sparked mass environmental protests and public outrage, ultimately resulting in the suspension of operations when licenses expired and other projects failed to secure environmental approval. Alamos had launched international arbitration proceedings against Turkey through its Dutch subsidiaries after its license was not renewed. As part of the sale, those proceedings will be suspended and eventually terminated once contractual conditions are met, the company said.
Although operations were halted, the company continued to be a symbol of foreign-led environmental damage in Turkey’s mining sector. The sale marks the formal end of Alamos’s presence in the country.
Wider mining industry under fire
The withdrawal comes amid broader scrutiny of Turkey’s mining sector, particularly after a deadly landslide at the Çöpler gold mine in Erzincan province in February 2024 killed nine workers. The mine is operated by Anagold Madencilik, a Turkish-Canadian joint venture majority-owned by Denver-based SSR Mining.
A torrent of earth contaminated with cyanide and sulphuric acid buried the site after management allegedly ignored visible cracks. A court has since halted mine expansion plans, citing environmental risks. At the third hearing of the ongoing trial earlier this month, the court ordered the continuation of arrest of five company officials among 43 defendants charged with causing multiple deaths and negligent pollution. The next hearings are set for November.
Canada–Turkey mining protocol
Despite the controversies, Canadian companies remain active in Turkey’s mining sector. Ankara this week hosted the signing of a cooperation protocol between the Miners Association Of Türkiye (TMD) and the Mining Association of Canada (MAC). The deal, signed in the presence of the Ministry of Energy and Natural Resources’ General Directorate of Mining and Petroleum Affairs (MAPEG) Director General Arslan Narin, aims to bring Canada’s “Towards Sustainable Mining” (TSM) program to Turkey to help the sector better manage environmental and social risks. MAC President Pierre Gratton said global demand for critical minerals was rising and that Canada seeks stronger partnerships abroad as it faces challenges at home, framing Turkey as a key partner.
Turkish officials framed the protocol as a step toward strengthening environmental and social responsibility standards in the industry. However, critics noted the irony of new agreements coming after years of Canadian-linked environmental scandals in the country.