CANBERA (dpa-AFX) - Alamos Gold Inc. (AGI, AGI.TO) announced that its wholly owned Netherlands subsidiaries, Alamos Gold Holdings Coperatief U.A. and Alamos Gold Holdings B.V., have agreed to sell Dou Biga Madencilik Sanayi ve Tic. A.., their wholly owned Turkish subsidiary, which owns the Kirazl, A Da and amyurt projects located in northwestern Trkiye, to Tmad Madencilik Sanayi ve Ticaret A., a mining company operating in the Republic of Trkiye, for total cash consideration of US$470 million.
The purchase price will be paid by Tmad to Alamos in three installments: US$160 million upon closing of the transaction; US$160 million on the one-year anniversary of the closing (Second Installment); US$150 million on the two-year anniversary of the closing (Third Installment).
Alamos expects to use the proceeds from the transaction to reduce existing debt obligations.
The transaction is expected to close in the fourth quarter of 2025 and is subject to customary closing conditions for a transaction of this nature, and receipt of regulatory approval in Trkiye.
In conjunction with the Transaction, the Netherlands Subsidiaries and the Republic of Trkiye have agreed that arbitration proceedings brought by the Netherlands Subsidiaries against the Republic of Trkiye under the Netherlands-Trkiye Bilateral Investment Treaty shall remain suspended, and will be discontinued with prejudice after certain contractual milestones are reached. The arbitration proceedings remain confidential, and therefore at this stage it is not possible to disclose further details concerning those proceedings.
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