Canadian mining company First Quantum Minerals has agreed to sell its Çayeli copper-zinc mine in Türkiye to Turkish construction and industrial group Cengiz Insaat for $340 million in cash, marking a strategic move by the company to streamline its asset portfolio.
Under the binding agreement, Cengiz Insaat—part of Cengiz Holding—will acquire the underground mining operation for a total consideration of $340 million, including an advance payment of $50 million that will be credited toward the final purchase price at closing.
The transaction is expected to close during the second or third quarter of 2026, subject to customary regulatory approvals and closing conditions.
Located on the Black Sea coast in northeastern Türkiye, the Çayeli mine has been producing copper and zinc concentrates since 1994 through conventional underground mining methods. Recent resource updates indicate that the mine could remain operational until at least 2036 due to newly defined deposits.
First Quantum’s Chief Executive Officer Tristan Pascall said the sale reflects the company’s disciplined portfolio management strategy as it focuses capital and operational resources on its core priorities, including efforts related to the Cobre Panama operation and other key assets.
The divestment also highlights a broader trend in the global mining industry, where companies are reassessing their portfolios and selling mid-tier assets to concentrate on larger, high-return projects. Analysts say the acquisition will help Cengiz Holding expand its footprint in the mining sector while strengthening Türkiye’s domestic industrial base.
For First Quantum, the deal represents the second asset sale in recent months, underscoring the company’s strategy to improve financial flexibility and sharpen its focus on flagship operations.