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SSR Mining will sell its 80% stake in the Çöpler mine for $1.5 billion.
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Release time：2026-03-06
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The acquiring party, Cengiz Holding, must pay a deposit of 100 million U.S. dollars (4.4 billion Turkish liras), which will be credited against the purchase price.
SSR Mining, a U.S.-based company, has signed a binding Memorandum of Understanding (MoU) to sell its 80% ownership interest in the Çöpler mine in Turkey and related assets for US$1.5 billion in cash. The acquiring party, Cengiz Holding, is an industrial conglomerate engaged in the mining and processing of copper, gold, and aluminum, and plays a significant role in the construction, energy, metallurgy, chemical, and fertilizer industries. The agreement does not include SSR Mining’s stake in the Hod Maden development project. The transaction will be settled in full cash at closing and is expected to be completed in the third quarter of 2026.
The Çöpler Mine and its related assets include all mining licenses, rights, assets, liabilities, and equity interests associated with or related to SSR Mining’s operations in eastern Anatolia, including those pertaining to Çakmaktepe, Çöpler, Bayramdere, Mavialtin, and Tunçpınar. The completion of the transaction is subject to regulatory approval by Turkey’s General Directorate of Mining and Petroleum Affairs. Cengiz Holding is required to post a security deposit of US$100 million, which will be credited against the purchase price upon completion of the transaction or, under certain specified conditions, may be fully or partially refunded. In addition, both parties are required to pay a mutual termination fee of US$50 million. Cengiz Holding must complete a limited due diligence on the mineral reserves at the Çöpler Mine, but it is not required to obtain any further operating permits or financing.
Allen Overy Shearman Sterling is providing legal advisory services to SSR Mining, and CIBC World Markets has issued a fairness opinion to the SSR Mining Board of Directors. Rod Antal, Executive Chairman of SSR Mining, stated: “Over the past two years, we have been working diligently to advance the Çöpler mine project, with the goal of safely and responsibly restarting operations. At the same time, we have been collaborating closely with Turkish government authorities to meet all regulatory requirements and secure the necessary approvals needed to resume operations. As part of these comprehensive efforts, we have continuously conducted strategic assessments of Çöpler’s future development path to maximize shareholder value. Today, we are pleased to announce this all-cash transaction with Cengiz Holding.” “We believe that, compared to general market expectations, this transaction will deliver significant increases in net asset value and cash flow for Çöpler, and we anticipate that it will immediately create value for our shareholders.”
In May 2024, SSR Mining completed the sale of its San Luis project, located in central Peru, to Highlander Silver.
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