First Quantum to Sell Turkey's Çayeli Mine to Cengiz for $340M, Awaits Regulatory Approval

Published: Mar 15, 2026 01:36

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Canada-based First Quantum Minerals will sell its Çayeli mine in Turkey to Cengiz Holding for $340 million in cash as part of its portfolio optimization strategy.Cengiz Holding will acquire the underground copper-zinc mine through its subsidiary CengizInsaat.First Quantum Chief Executive Officer Tristan Pascall said, "The sale reflects the company's disciplined approach to portfolio management while focusing on its core strategic priorities."The transaction remains subject to regulatory approvals and is expected to be completed in Q2 or Q3 of this year.

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