First Quantum Minerals Sells Çayeli Mine to Cengiz Holding
Analysis based on 8 articles · First reported Mar 12, 2026 · Last updated Mar 13, 2026
The sale of the Çayeli mine by First Quantum Minerals to Cengiz Holding===Cengiz İnşaat for $340 million is expected to positively impact First Quantum Minerals's financial position and allow it to focus on core assets. This transaction also signifies Cengiz Holding's aggressive expansion in the mining sector, potentially increasing competition.
First Quantum Minerals has entered a binding agreement to sell its Çayeli mine in Turkey to Cengiz Holding===Cengiz İnşaat, a subsidiary of Cengiz Holding, for $340 million in cash. The deal includes an advance payment of $50 million and is expected to close in the second or third quarter of 2026, subject to regulatory approvals. The sale is part of First Quantum Minerals's portfolio optimization strategy, allowing it to focus on core strategic priorities such as the Cobre Panama operation. The Çayeli mine, located on the Black Sea coast, has been producing copper and zinc concentrates since 1994, with its operational life extended to 2036 due to a newly defined South Orebody deposit. Cengiz Holding, a large Turkish industrial conglomerate, is actively expanding its mining portfolio, having recently acquired the Copler gold mine from SSR Mining.
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