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The Gokirmak mine, Türkiye’s largest open-pit copper mine in the Black Sea province of Kastamonu, has reportedly been put up for sale for $1 billion by its owners, according to a report.
The mine, operated by Acacia Mining, which is jointly owned by Turkish conglomerates Ilbak, Akfen, and Bacaci Investment, has an estimated 24 million tons of proven copper ore reserves and an annual ore processing capacity of 1.2 million tons, according to information published on its website.
A Bloomberg report on Tuesday said the ownership groups had appointed U.S.-based Goldman Sachs to manage the sale process for the Gokirmak mine. All parties involved, including the owners and Goldman Sachs, declined to comment on the development.
In 2018, Acacia secured $145 million in project financing from major international investment banks, marking a first in Türkiye’s mining sector, which had previously relied heavily on equity-based funding.
According to individuals familiar with the matter cited by the report, the sellers are open to either a partial or complete divestment of their stakes in Acacia Mining.
The Gokirmak mine is a key component of Türkiye’s broader copper production network. National copper output reached 5.9 million tons in 2023, with Kastamonu ranked as the country’s top-producing province.
Official data shows Türkiye’s copper exports exceeded 470,000 tons in 2024, generating $661.82 million in export revenue.
Global copper prices have continued to climb since early 2025, driven by supply disruptions and rising demand from the global electrification push, with prices recently surpassing $13,000 per ton to reach a record high.
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