Nurol eyes Alamos’ Turkey mines stuck in $1 billion claim

Bloomberg News | August 15, 2025 | 9:00 am Markets Canada Europe Gold

The Kirazli gold project is located in a wooded region near Mount Ida – or Kaz, as it locally known – which produces huge amounts of oxygen and is home to diverse flora. (Image courtesy of Alamos Gold)

Turkey’s Nurol Holding is seeking to buy Alamos Gold Inc.’s local mines in a deal that could bring an end to the Canadian miner’s $1 billion claim against the government for alleged mistreatment.

The acquisition would include all three gold and silver projects owned by Alamos in the northwestern Canakkale province, people familiar with the Turkish conglomerate’s plans said, asking not to be named as the discussions are private.

Nurol declined to comment. Alamos didn’t respond to email and phone requests for comment.

The most advanced of the three sites, Kirazli, stalled in 2019 when Turkey’s government didn’t renew its licenses and later canceled a forestry permit. The site also became the target of environmental protests.

In 2021, two Alamos units filed an investment treaty claim against Turkey for “expropriation and unfair and inequitable treatment.” The company, which paid $40 million for the assets in 2010, argued its $250 million of investments unlocked over $1 billion of value and would generate $551 million in government revenues over the life of the project.

Alamos Gold seeks $1bn from Turkey over stalled Kirazli project

Proceedings in the case were suspended following an agreement between the parties on July 2, according to the World Bank’s International Centre for Settlement of Investment Disputes. That was about two weeks after a parliamentary commission in Ankara approved a bill regulating mining permits in environmentally protected areas and swift land expropriations for the extraction of strategic and crucial minerals.

Ankara-based Nurol Holding has interests in construction, defense and tourism. It also operates two producing gold and silver mines in Turkey, according to its website. Alamos has producing mines and projects in Canada and Mexico, as well as a development site in the US.

Shares of the Toronto-based company rose as much as 2.3% as of 9:44 a.m. in Toronto, the biggest intraday increase in 10 days. The stock has gained 34% this year.

(By Patrick Sykes, Kerim Karakaya and Firat Kozok)