First Quantum Minerals Announces Sale of Çayeli Mine
First Quantum Minerals Ltd. (TSX: FM) announces that it has entered into a binding agreement to sell the Çayeli mine in Türkiye to Cengiz Insaat, a company controlled by Cengiz Holding, for a cash consideration of $340 million.
“For more than a decade, the performance of Çayeli within First Quantum has been underpinned by the dedication of its employees and a strong safety and operating culture. The sale reflects the Company’s disciplined approach to portfolio management as we focus on our core strategic priorities,” said Tristan Pascall, Chief Executive Officer of First Quantum.
Transaction Summary
Under the terms of the Transaction, Cengiz will acquire Çayeli for a purchase price of $340 million in cash, subject to certain customary adjustments at the time of closing. Cengiz is providing an advance payment of $50 million simultaneously to the Transaction announcement, which is creditable against the purchase price at the closing of the Transaction.
The Transaction is subject to certain customary conditions and regulatory approvals and is expected to close during the second or third quarter of 2026.
About Çayeli
The Çayeli mine is located on the Black Sea coast of north-eastern Türkiye. The mine has produced copper and zinc concentrates by conventional underground mining methods since 1994. In 2025, a maiden mineral resource was provided for a newly defined copper and zinc deposit named the South Orebody that extended the operating life for Çayeli to 2036.
About Cengiz Holding
Cengiz is one of Türkiye’s largest industrial conglomerates, operating in the energy, mining, construction, tourism, and service sectors. Further information about Cengiz can be found on its website (www.cengizholding.com.tr/en).
Advisors
BMO Capital Markets served as financial advisor and Simmons & Simmons served as legal advisor to the Company for the purposes of the Transaction.
About First Quantum
First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase o f Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.
