Turkish Billionaire Yildirim Invests $2 Billion in Nickel Mines to Reduce West's Reliance on China

Turkish billionaire Robert Yuksel Yildirim is investing $2 billion to acquire nickel mines, aiming to capitalize on a future price rebound and growing Western demand to reduce reliance on China. After creating CoreX Holding by spinning off his family’s chrome and shipping businesses, he has already invested $500 million into nickel assets, including a majority stake in a mine in Ivory Coast and ferronickel plants in North Macedonia and Kosovo.

Yildirim plans to revitalize high-cost assets by improving operations and focusing on higher-grade nickel. He is negotiating the acquisition of six additional mines in Colombia, Guatemala, and Africa, and intends to build a vertically integrated supply chain from extraction to shipping.

Initially targeting European and U.S. stainless steel markets, he also plans to expand into battery-grade nickel and other metals like copper, gold, and zinc. To finance the expansion, he is seeking backing from sovereign wealth funds and private equity. Entering as others exit, Yildirim aims to offer the West a strategic alternative to China’s dominance in critical minerals.