The shareholders behind Turkey’s largest open-pit copper operation have begun exploring a potential sale, capitalising on a strong rally in copper prices, according to people familiar with the process.
The owners — Akfen Holding AS, Ilbak Holding AS and Bacaci Yatirim Holding AS — have appointed Goldman Sachs Group Inc. to advise on a possible divestment of Acacia Mining Enterprises Inc., which operates the Gokirmak copper mine in Kastamonu province in northern Turkey. The mandate includes assessing interest in either a partial stake sale or a full exit, the sources said.
Market participants indicate that the shareholders are seeking valuations of up to $1 billion for the entire asset, although pricing expectations could shift depending on demand and market conditions. The sale process remains confidential, and there is no certainty that a transaction will proceed.
Copper has climbed sharply over the past year, supported by tightening global supply, disruptions at key mining operations, and accelerating demand linked to electrification, renewable energy and grid infrastructure. Prices recently pushed above $13,000 per tonne, reinforcing investor appetite for large-scale producing assets.
Acacia Mining Enterprises holds an estimated 24 million tonnes of copper-ore reserves and produces roughly 120,000 tonnes of copper concentrate per year, according to disclosures by Ilbak Holding. Export revenues from the operation totaled $265 million in 2024, based on the latest figures from Turkey’s Chamber of Industry.
Goldman Sachs declined to comment on its role, while the shareholder groups did not respond to requests for comment.
