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Oct 15, 2019

Alamos shares fall after work stops at Turkey project on concession delay


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TORONTO -- Shares in Alamos Gold Inc. fell in early trading after the company said it has stopped construction on its Kirazli project pending the renewal of its Turkish mining concessions.

The company says the concessions expired on Oct. 13 and work cannot resume until they are renewed.

Alamos says it has met all the regulatory requirements and conditions for the concessions to be renewed and had expected the renewal by the expiration date.

The company is working with the Turkish Department of Energy and Natural Resources to secure the renewal.

It says due to the uncertainty around the timing of the concession renewal, initial production from Kirazli has been delayed from previous guidance of late 2020.

Alamos shares were down 58 cents at $6.92 in trading on the Toronto Stock Exchange.