Alamos Gold announced it has been granted the GSM (Business Opening and Operation) permit by the Çanakkale Governorship in Turkey. The permit was required for the development of its Kirazlı project.
As outlined in the 2017 feasibility study, Kirazlı is expected to produce over 100,000 ounces of gold during its first full year of production. This is expected to bring consolidated production to over 600,000 ounces per year, while significantly lowering the Company’s cost profile.
The Company stated that it will be mobilizing for full scale construction activities over the next two months and the Company expects initial production from Kirazlı in the second half of 2020.
President and Chief Executive Officer John A. McCluskey commented about recent developments; “We are very pleased to have achieved this key milestone. With the Environmental Impact Study and Forestry Permits having been previously approved, we have all the required permits to ramp up full scale construction activities. As one of the lowest-cost and highest return gold projects in the world, Kirazlı will be a significant driver of free cash flow growth with initial production expected in 2020.”
