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Alamos gets permit for Turkey gold mine

4th March 2019

By: Creamer Media Reporter

     

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The Turkish Department of Energy and Natural Resources has awarded TSX- and NYSE-listed Alamos Gold an operating permit for Kirazlı, allowing for the start of earthworks on the openpit area.

The company expects to spend $75-million in 2019 on completing work on the water reservoir and ramping up major construction activities and earthworks.

The remaining $60-million of Kirazlı’s total initial capital budget of $152-million will be spent in 2020 with initial production expected by the end of 2020.

Kirazlı will produce more than 100 000 oz of gold during its first full year of production at mine-site all-in sustaining costs of less than $400/oz. This is expected to bring consolidated production to more than 600 000 oz/y, while significantly lowering the company’s cost profile.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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