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TORONTO - Alamos Gold Inc. (TSX:AGI; NYSE:AGI), a $13.7 billion market cap gold producer that has delivered an impressive 88% return year-to-date according to InvestingPro, announced Monday it has completed the sale of its Turkish mining subsidiary to Tümad Madencilik Sanayi ve Ticaret A.Ş. for $470 million in cash.
The transaction involves the sale of Doğu Biga Madencilik Sanayi ve Tic. A.Ş., which owns the Kirazlı, Ağı Dağı, and Çamyurt projects in northwestern Türkiye.
Alamos received an initial payment of $160 million upon closing. The remaining amount will be paid in two installments: $160 million on the one-year anniversary and $150 million on the two-year anniversary of the transaction closing. These future payments are secured by bank guarantees from investment-grade international financial institutions.
The sale was executed through Alamos’ wholly owned Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A. and Alamos Gold Holdings B.V.
Alamos Gold is a Canadian-based intermediate gold producer with three operating mines in North America - the Island Gold District and Young-Davidson mine in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. The company employs over 2,400 people.
This information is based on a press release statement issued by Alamos Gold.
In other recent news, Alamos Gold reported its second-quarter 2025 earnings, exceeding analysts’ expectations with an adjusted earnings per share of $0.34, above the forecasted $0.321. However, the company’s revenue slightly missed projections, coming in at $438.2 million compared to the anticipated $438.56 million. In a significant development, Alamos Gold agreed to sell its Turkish assets, including the notable Kirazli property, for total cash proceeds of $470 million. This asset sale prompted Jefferies to raise its price target for Alamos Gold to $39 from $38, while maintaining a Buy rating on the stock. These recent developments highlight key financial and strategic moves by Alamos Gold.
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