First Quantum Minerals to divest Çayeli mine in Türkiye to Cengiz Insaat

Type: Sale · Technology: Mining · Country: Türkiye · Announced: 2026-03-13

First Quantum Minerals has signed a definitive agreement to sell its Çayeli mine in Türkiye to Cengiz Insaat, a subsidiary of Cengiz Holding. This divestment marks a strategic move for First Quantum regarding its asset portfolio. The Çayeli mine is a significant mining operation within Türkiye. The transaction involves the complete transfer of ownership of the mine.

Analysis

First Quantum Minerals is streamlining its global asset portfolio with the $340 million divestment of its operating Çayeli mine located on Türkiye's Black Sea coast. This transaction, announced on March 13, 2026, involves the complete transfer of ownership to Cengiz Insaat. For First Quantum, a global diversified mining company primarily focused on copper, nickel, gold, and zinc production across Africa and L, shedding the Çayeli mine allows for a sharper focus on core assets. The sale of this significant Turkish mining operation provides immediate capital for First Quantum's strategic objectives. Cengiz Insaat, a major Turkish engineering and construction firm established in 1980, is expanding its operational footprint beyond its traditional large-scale infrastructure projects like roads, airports, dams, and power plants. This acquisition of the operating Çayeli mine represents a direct entry into mining operations for Cengiz Insaat, a departure from its core construction and engineering specializations. The Turkish firm gains an established operating asset within Türkiye, potentially leveraging its domestic expertise for future resource development. First Quantum Minerals, known for its large-scale mines across Africa and L, will now concentrate its capital and operational efforts on its primary copper, nickel, gold, and zinc production.

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