Shares of Alamos Gold
(TSX: AGI; NYSE: AGI) listed on the Toronto Stock Exchange jumped 14%, or $1.43, to $11.57 after the company reported that it had received a key forestry permit for its Kirazli gold project in Turkey.
Turkey’s federal government has already approved the project’s environmental impact study, which leaves the Business Opening and Operations permit (GSM). That permit, which is granted by the governor of the local province of Canakkalea, should be relatively easy to get, some mining analysts that cover the company say.
“The governor is appointed by the ruling AK Party, and our understanding is this permit does not involve a major amount of government study,” Kerry Smith of Haywood Securities says of the outstanding GSM. “We would expect this permit in the second half of 2017, and once received, Alamos would be in a position to move ahead with development, subject to the remaining minor bureaucratic permits needed in Turkey.”
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