10/16/2012

Canadian gold miner to invest USD 1 billion in Turkey

Zaman – Gold mining company Alamos Gold is set to invest USD 1 billion in two mining projects in Turkey’s Aegean province of Canakkale. Having acquired the Agi Dagi and Kirazli gold mining projects in Biga peninsula from another Canadian company, Teck Mining, for USD 90 million, Alamos will dig for gold and silver, investing USD 425 million in each project in the process.


The company operates under the Kuzey Biga Madencilik name in Turkey and has already spent USD 35 million in exploration and feasibility studies. Alamos hopes to start producing gold in Agi Dagi by 2016 and Kirazli by 2014. The two projects are thought to hold two million ounces of gold and 9 million ounces of silver, according to Alamos Gold Founder and CEO, John A. McCluskey. “Operating of these two mines will create employment for 800 people…” McCluskey said.

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