First Quantum to sell Türkiye mine for $340m
Canada-based First Quantum Minerals will sell the Çayeli mine in Türkiye to Cengiz Holding for $340-million in cash, as part of its portfolio optimisation strategy.
The buyer, through its subsidiary Cengiz Insaat, will acquire the underground copper/zinc operation under a binding agreement announced on Thursday.
“For more than a decade, the performance of Çayeli within First Quantum has been underpinned by the dedication of its employees and a strong safety and operating culture. The sale reflects the company’s disciplined approach to portfolio management as we focus on our core strategic priorities," commented CEO Tristan Pascall.
Under the terms of the deal, Cengiz will pay $340-million in cash, subject to customary closing adjustments. The buyer has also made a $50-million advance payment that will be credited against the purchase price when the transaction closes.
The deal is subject to regulatory approvals and other customary conditions and is expected to close during the second or third quarter of 2026.
Located on the Black Sea coast in north-eastern Türkiye, the Çayeli mine has produced copper and zinc concentrates from underground operations since 1994.
In 2025, a maiden mineral resource estimate for a newly identified deposit known as the South Orebody extended the mine’s operating life to 2036.
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