Alamos Gold received its formal Environmental Impact Assessment (EIA) approval for its Ağı Dağı gold project from the Turkish government, according to company officials. The Ministry of Environment and Urbanization decision is “another step forward for development in Turkey,” said CEO John McCluskey.
Alamos continues revising its Kirazlı project’s EIA to include potential impacts of proposed regional projects, added company officials; an interim remedy is sought from Turkey’s High Court, pending Q4 2014. Gold production from the first of the company’s Turkish assets is also pending 18 months receipt of outstanding forestry and operating permits. With $390 million in cash, no debt and ongoing cash flow generation, Alamos expects internal project development funding.