Canada’s SSR Mining said Wednesday it had agreed to sell its 80 percent stake in the Çöpler gold mine in eastern Turkey, where a 2024 landslide killed nine miners, to Turkey’s Cengiz Holding for $1.5 billion in cash, Reuters reported.
The company said the binding memorandum of understanding is expected to close in the third quarter and includes its mining licenses and assets in eastern Anatolia, including the Çöpler mine and nearby deposits. SSR Mining said it is also reviewing its remaining presence in Turkey, including a 20 percent interest in the Hod Maden development project.
SSR Mining suspended operations at Çöpler after the February 2024 landslide and later reviewed the mine. RBC Capital Markets analysts said the company has spent about $149 million on reclamation and remediation since the incident.
Cengiz Holding is one of Turkey’s biggest industrial groups, with mining and metals operations that include copper, gold and aluminum, SSR Mining said.
Cengiz Holding’s chairman, Mehmet Cengiz, is close to President Recep Tayyip Erdoğan and is frequently criticized as part of the opposition’s “Gang of Five” label for five conglomerates that have won most of the large state contracts under Erdoğan.
SSR Mining shares rose more than 12 percent after the announcement. Analysts said the sale removes a major risk for the company, and some described the price as strong for an asset viewed as distressed.
