MINEX Forum

Tag: mergers and acquisitions

  • SSR Mining to Sell 80% Stake in Turkey’s Copler Gold Mine to Cengiz Holding for $1.5bn

    SSR Mining to Sell 80% Stake in Turkey’s Copler Gold Mine to Cengiz Holding for $1.5bn

    SSR Mining has agreed to sell its 80 percent interest in the Copler gold mine and related assets in Turkey to Cengiz Holding for $1.5 billion in cash, marking a major strategic shift toward focusing its operations in the Americas.

    The transaction covers all mining licences, infrastructure, rights and liabilities associated with SSR Mining’s operations at Copler in eastern Anatolia. The company announced that its shares rose approximately 15 percent in pre-market trading in New York following the announcement.

    SSR Mining suspended operations at the Copler mine in 2024 after a landslide at the heap leach facility left at least nine miners missing. An independent investigation later determined that a design flaw in third-party engineering work was the most likely cause of the failure, prompting a broader review of the asset and its operational risks.

    Executive chairman Rod Antal said the divestment forms part of a broader strategy to reposition the company’s portfolio geographically. The move follows SSR Mining’s acquisition of the Cripple Creek & Victor gold mine in the United States and reflects a renewed focus on assets in the Americas.

    The company added that it is also reviewing its remaining presence in Turkey, including its 20 percent stake in the Hod Maden development project.

    Completion of the Copler transaction with Cengiz Holding is expected in the third quarter of 2026, subject to customary approvals and closing conditions.

  • Sale of Kazakhmys Corporation Finalised, New Owner to Take Over in December

    Sale of Kazakhmys Corporation Finalised, New Owner to Take Over in December

    Negotiations over the sale of Kazakhstan’s Kazakhmys Corporation have been completed, with the company expected to change ownership in December. According to National Business Kazakhstan, the agreement on the transfer of ownership is planned to be signed before the end of the year and has already received regulatory approval.

    The new owner of Kazakhmys will be Nurlan Artykbayev, founder of construction group Qazaq Stroy, whose personal wealth is estimated at about 228 million dollars. Qazaq Stroy’s press service told NBK that the preliminary value of the transaction, based on both independent and joint audits, stands at 3.85 billion dollars.

    Following the ownership change, Kazakhmys’ strategic priorities are expected to remain intact. Qazaq Stroy said the arrival of a new shareholder will strengthen the company’s long-term strategy, focusing on improving operational efficiency, expanding the resource base, and implementing a large-scale investment program. The Kazakhmys group currently includes 37 companies and major production facilities, many of which are operating at around 50% capacity and require modernization.

    For the period from 2026 to 2045, planned investments exceed 3 trillion tenge, or more than 5.5 billion dollars. These funds are earmarked for upgrading processing plants, introducing hydrometallurgical technologies, developing underground mining projects, and expanding power generation capacity. The company’s target is to increase copper production to about 500000 tons per year by 2032.

    Nurlan Artykbayev, aged 50, has also controlled Qazaq Kalium Ltd. since 2023, a company developing the Satimola potash deposit. In 2024, one of his companies acquired a 9% stake in Kazakhtelecom from Jusan Bank.

    Kazakhmys’ main shareholder has been oligarch Vladimir Kim, who owns 70% of the corporation and is also the principal owner of KAZ Minerals Group and RBK Bank. The remaining 30% of Kazakhmys Holding Ltd is controlled by his business partner Eduard Ogay. Media outlets have indicated they will continue to monitor developments surrounding the transaction in case its terms change.