Canadian miner Alamos Gold said late Sunday that it will sell its Turkish subsidiary for $470 million to a Middle East-based mining company, ending a years-long $1 billion legal battle. 

Alamos will sell the Turkish unit to Tumad Madencilik Sanayi, a mining company operated by conglomerate Nurol Holding.

As part of the deal, Alamos said arbitration proceedings that its Netherlands units filed in 2021 against Turkey will remain suspended, and shall be discontinued after certain contractual milestones are reached.

Alamos has had an active presence in Turkey since 2010, according to its website. In 2019, the miner had halted construction work at its Kirazli project in western Turkey after the mining concessions expired and amid protests against the project. This led to the firm filing a $1 billion claim against Turkey for "unfair and inequitable treatment" on the project.

The deal is expected to close in the fourth quarter of 2025, Alamos said, adding that it will use the funds it receives to reduce existing debt obligations and support the projects it is developing.

(Reporting by Gursimran Kaur in Bengaluru; Editing by Rashmi Aich)