First Quantum Minerals has signed a definitive agreement with Cengiz Insaat, part of Cengiz Holding, to divest its Çayeli mine in Türkiye.

Cengiz will purchase the Çayeli mine for $340m (Tl15.03bn) in cash, with the final amount subject to standard adjustments at the time of closing.

An advance payment of $50m is being provided by Cengiz at the time of the transaction announcement, to be credited towards the purchase price upon finalisation.

The transaction is subject to regulatory approvals and customary conditions, with completion anticipated in the second or third quarter of 2026.

Situated on the Black Sea coast in north-eastern Türkiye, the Çayeli mine has been producing copper and zinc concentrates using traditional underground mining techniques since 1994.

In 2025, a new mineral resource was identified in the South Orebody deposit, extending the mine's operational life until 2036.

BMO Capital Markets acted as financial advisor and Simmons & Simmons provided legal advice to First Quantum for this transaction.

First Quantum CEO Tristan Pascall said: “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.”

First Quantum is involved in producing copper, nickel and gold, as well as in exploration and development activities. The company operates mines in Zambia, Türkiye and Mauritania.

In July 2025, First Quantum considered a gold pre-payment agreement from its mines in Zambia as a new funding strategy to improve its finances, reported Reuters, citing the company’s chief financial officer Ryan MacWilliam.