First Quantum deals Çayeli mine to Turkish group for $340M

Mining03-12

First Quantum Minerals (TSX: FM) will sell its Çayeli mine in Türkiye to a company controlled by Cengiz Holding as the Canadian miner raises additional capital for its priority assets. Under a binding...

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Last week, the group made its biggest move to date with the $1.5 billion acquisition of the Copler gold mine from SSR Mining (TSX, NASDAQ: SSRM).\nSituated on the Black Sea coast of northeastern Türkiye, the Çayeli mine has been in operation since 1994. It produces copper and zinc concentrates from a volcanic hosted massive sulphide (VHMS) deposit, with a reserve base that is expected to last until 2036.\nÇayeli represents the second asset sale that First Quantum has made over the past three months. In December, it sold the past-producing Cobre Las Cruces copper mine in Spain for $190 million.\nFirst Quantum Minerals initially soared on the news, before reversing the earlier gains. By midday, its shares were down 1.7% for a market capitalization of C$27.5 billion ($20.2 billion). 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