Alamos Gold Reports Delay in Mining Concession Renewal for Kirazlı Project
October 14 2019 - 6:55AM
Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today reported that
it has suspended all construction activities on its Kirazlı project
pending the renewal of its Turkish mining concessions which expired
on October 13, 2019. Although the mining concessions have not been
revoked and can be renewed following this expiration date, no
further construction activities can be completed until the
concessions have been renewed.
The Company has met all the regulatory requirements and
conditions for the concessions to be renewed and reasonably
expected the renewal by the expiration date. The communities local
to the Kirazlı project remain supportive. As such, the Company is
working with the Turkish Department of Energy and Natural Resources
on securing the renewal of the mining concessions which will allow
for a resumption of construction activities. The renewal is
required from the same government department that granted the
Operating Permit for Kirazlı in March 2019.
There has been false information about the project circulated
through social media. The Company continues to share correct
information about the project, and dispel misinformation which gave
rise to protests and social media inaccuracies concerning the
Kirazlı project (see Kirazlı fact sheet for more detail on the
Company’s website at www.alamosgold.com).
Since 2010, Alamos has been working with the various government
ministries and local communities as part of a multi-year
environmental review and community consultation process. After
earning the support of the local communities and passing a rigorous
environmental review process, the Company was granted approval of
all the major permits needed to build Kirazlı including the
Environmental Impact Assessment, Forestry Permits, GSM and
Operating Permits.
Given the uncertainty around the timing of the concession
renewal, initial production from Kirazlı has been delayed from
previous guidance of late 2020. The Company will provide updated
guidance on the construction schedule and budget for Kirazlı
following the receipt of the concession renewal and resumption of
construction activities.
About Alamos
Alamos is a Canadian-based intermediate gold producer with
diversified production from four operating mines in North America.
This includes the Young-Davidson and Island Gold mines in northern
Ontario, Canada and the Mulatos and El Chanate mines in Sonora
State, Mexico. Additionally, the Company has a significant
portfolio of development stage projects in Canada, Mexico, Turkey,
and the United States. Alamos employs more than 1,700 people and is
committed to the highest standards of sustainable development. The
Company’s shares are traded on the TSX and NYSE under the symbol
“AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons |
Vice President, Investor Relations |
(416) 368-9932 x 5439 |
All amounts are in United States dollars, unless otherwise
stated.
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note
This news release contains statements which are,
or may deemed to be, forward-looking information within the meaning
of applicable Canadian and U.S. securities laws (“forward-looking
statement(s)”). All statements in this news release, other than
statements of historical fact, which address events, results,
outcomes or developments that Alamos expects to occur are, or may
be deemed to be, forward-looking statements. Forward-looking
statements are generally, but not always, identified by the use of
forward-looking terminology such as "expects", “is expected”
"believes", "anticipates", "will", "intends", "estimates",
"forecast", "budget" or variations of such words and phrases and
similar expressions or statements that certain actions, events or
results ”may", "could", "would", "might" or "will" be taken, occur
or be achieved.
Forward-looking statements are necessarily based
upon a number of factors and assumptions that, while considered
reasonable by management at the time of making such statements, are
inherently subject to significant business, economic, legal,
political and competitive uncertainties and contingencies. Known
and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements.
Such factors and assumptions underlying the
forward-looking statements in this news release include, but are
not limited to: the renewal of the Company’s mining concessions in
Turkey; timely resumption of construction and development at the
Kirazlı project; the risks of obtaining and maintaining all
necessary licenses, permits and authorizations for the Company’s
assets in Turkey; labour and contractor availability (and being
able to secure the same on favorable terms); employee and community
relations, (including maintaining social license to operate),
litigation and administrative proceedings; expropriation or
nationalization of our property; inherent risks and hazards
associated with mining including environmental hazards, accidents,
contests over title to properties; changes in national and local
government legislation (including tax legislation), controls or
regulations; and risk of loss due to sabotage, protests and other
civil disturbances.
Additional risk factors affecting the Company
are set out in the Company’s latest Form 40-F/ Annual Information
Form and MD&A, each under the heading “Risk Factors”, available
on the SEDAR website at www.sedar.com or on EDGAR at www.sec.gov.,
and should be reviewed in conjunction with this news release. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
Alamos Gold (NYSE:AGI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Alamos Gold (NYSE:AGI)
Historical Stock Chart
From Sep 2023 to Sep 2024