MINEX Forum

Tag: Türkiye mining

  • TETHYS and Hartree Announce Life‑of‑Mine Offtake Agreement for the Cataltepe Polymetallic Project in Türkiye

    TETHYS and Hartree Announce Life‑of‑Mine Offtake Agreement for the Cataltepe Polymetallic Project in Türkiye

    TETHYS, a Turkish-incorporated critical minerals and strategic infrastructure platform with projects across Eurasia, and Hartree Metals LLC, a subsidiary of the global commodities firm Hartree Partners LP — a leading independent commodities trading and asset management company — have entered into a life-of-mine offtake and commercial prepayment arrangement to support concentrate exports from the Cataltepe polymetallic mining project in north-western Türkiye.

    The agreement establishes a long-term commercial partnership between the two companies, anchored on the Cataltepe operation. Production from the mine is expected to be processed at the Kalkım flotation facility, generating zinc, lead, and copper concentrates for export to international smelting markets.

    Under the arrangement, Hartree Metals has provided a commercial advance payment to support the restart of operations and ongoing production activities, and will purchase and export 100% of the zinc, lead, and copper concentrates produced for the life of the operation. Production at Cataltepe is expected to commence shortly, with monthly shipments increasing progressively as operations ramp up.

    The transaction demonstrates a shared commercial understanding of the project and a mutual commitment to establishing reliable concentrate supply chains in Türkiye. For TETHYS, the agreement represents the commercial activation of its flagship Turkish operation and a significant milestone in its broader strategy to develop a multi-country portfolio of critical mineral assets across Eurasia. For Hartree Metals, it signifies a deepening of its commercial engagement with Türkiye’s expanding mining sector.

    Prof. Dr Leyla Keser, Chairperson of TETHYS Gateway Trading LLC, said: “The Cataltepe offtake agreement is a landmark transaction for TETHYS and a strong endorsement of the project’s commercial potential. We are delighted to be partnering with Hartree Metals as our long-term trading partner and look forward to building on this relationship as TETHYS continues to develop its portfolio of mineral assets across the region.”

  • First Quantum to Sell Çayeli Copper-Zinc Mine in Türkiye for $340 Million

    First Quantum to Sell Çayeli Copper-Zinc Mine in Türkiye for $340 Million

    First Quantum Minerals has agreed to sell its Çayeli copper-zinc mine in Türkiye to a company controlled by Cengiz Holding as part of the Canadian miner’s strategy to focus on core assets.

    Under a binding agreement, Cengiz Insaat will acquire the underground mine for $340 million in cash, including an upfront payment of $50 million. The transaction is expected to strengthen First Quantum’s balance sheet as the company allocates capital toward key projects.

    Chief executive Tristan Pascall said the divestment reflects the company’s disciplined portfolio management approach as it prioritizes strategic assets, including efforts to restart the Cobre Panama operation.

    “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,” Pascall said.

    Cengiz Holding, one of Türkiye’s largest industrial conglomerates, has been rapidly expanding its mining portfolio. The group recently announced a $1.5 billion acquisition of the Copler gold mine from SSR Mining, marking its largest mining deal to date.

    Located on the Black Sea coast in northeastern Türkiye, the Çayeli mine has been operating since 1994. The underground operation produces copper and zinc concentrates from a volcanic-hosted massive sulphide deposit and is expected to remain in production until around 2036.

    The sale represents the second recent asset divestment by First Quantum. In December, the company sold the past-producing Cobre Las Cruces copper mine in Spain for $190 million.

    Shares of First Quantum initially rose after the announcement but later reversed gains. By midday trading, the stock was down about 1.7%, giving the company a market capitalization of approximately C$27.5 billion ($20.2 billion).

    Despite the decline, UBS analyst Myles Allsop upgraded the stock rating to “Buy” from “Neutral” and raised the price target to C$50 from C$38, citing improved financial flexibility and portfolio focus.