First Quantum Minerals announced that it has entered into a binding agreement to sell the Çayeli mine in Türkiye to Cengiz Insaat, a company controlled by Cengiz Holding, for $340 million in cash.
The transaction forms part of the mining company’s strategy to optimize its portfolio and focus on core strategic priorities. First Quantum said the sale reflects its disciplined approach to managing its asset base while concentrating resources on key operations and development projects.
Under the terms of the agreement, Cengiz Insaat will acquire the Çayeli mine for a purchase price of $340 million in cash, subject to customary adjustments at closing. The buyer will provide an advance payment of $50 million at the time of the transaction announcement, which will be credited toward the final purchase price when the deal closes.
The transaction remains subject to customary conditions and regulatory approvals. First Quantum expects the deal to close during the second or third quarter of 2026.
The Çayeli mine is located on the Black Sea coast in northeastern Türkiye. The operation has produced copper and zinc concentrates using conventional underground mining methods since 1994. In 2025, the company reported a maiden mineral resource for a newly identified copper and zinc deposit called the South Orebody, which extended the mine’s operating life to 2036.
Cengiz Holding is one of Türkiye’s largest industrial conglomerates, with operations spanning energy, mining, construction, tourism and services.
BMO Capital Markets served as financial advisor to First Quantum on the transaction, while Simmons & Simmons acted as legal advisor.
First Quantum is engaged in the production of copper, nickel and gold and conducts exploration and development activities globally. The company operates mines in Zambia, Türkiye and Mauritania and continues to advance major development projects including the Taca Taca copper-gold-molybdenum project in Argentina, while also exploring the La Granja and Haquira copper deposits in Peru.
KEY QUOTES
“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.”
Tristan Pascall, Chief Executive Officer, First Quantum Minerals
