US-based SSR Mining has signed a binding memorandum of understanding (MoU) to divest its 80% ownership interest in the Çöpler mine and associated properties in Türkiye for a total of $1.5bn in cash.
The purchaser, Cengiz Holding, is an industrial company engaged in sectors such as copper, gold, and aluminium mining and processing, along with significant roles in construction, energy, metallurgy, and the chemicals and fertiliser industries.
This agreement does not include SSR Mining’s stake in the Hod Maden development project.
The transaction involves a full cash payment upon closing, expected in the third quarter of 2026.
The Çöpler mine and its related properties include all mining licences, rights, assets, liabilities and interests pertaining to or associated with SSR Mining's activities in eastern Anatolia, including Çakmaktepe, Çöpler, Bayramdere, Mavialtin and Tunçpınar.
Regulatory approval from Türkiye's General Directorate of Mining and Petroleum Affairs is necessary for the transaction's completion.
Cengiz Holding must make a $100m deposit, which will be credited towards the purchase price upon closing of the transaction or may be refunded, either fully or partially, under certain specific conditions.
Both parties are also subject to a $50m reciprocal break fee.
Cengiz Holding must complete limited due diligence concerning mineral reserves at Çöpler but is not required to obtain further operational permits or financing.
Legal advisory services are being provided to SSR Mining by Allen Overy Shearman Sterling, while CIBC World Markets has delivered a fairness opinion to SSR Mining’s Board of Directors.
SSR Mining executive chairman Rod Antal said: “Over the last two years, we have worked diligently to progress the Çöpler mine to allow for a safe and responsible restart of operations.
“We have also concurrently worked closely with the Türkiye Government authorities to address each requirement to secure the necessary approvals to restart operations. As part of these extensive efforts, we continued a strategic review of the optimal path forward at Çöpler to maximise shareholder value, and today we are pleased to announce this all-cash transaction with Cengiz Holding.
“We believe the transaction will deliver significant net asset value and cash flow accretion relative to consensus estimates for Çöpler, which we expect will deliver immediate value to shareholders.”
In May 2024 , SSR Mining completed the sale of its San Luis project in central Peru to Highlander Silver.
