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SSR Mining, a Denver-based mining company, announced on Wednesday that it has agreed to sell its majority stake in the Copler gold mine in eastern Türkiye to Turkish conglomerate Cengiz Holding in an all-cash transaction valued at $1.5 billion.
The company said it signed a binding memorandum of understanding to transfer its 80% stake in the Copler mine and related properties to the Turkish industrial group.
Following the announcement, the company’s Nasdaq-listed shares rose 15% to $33.26, their highest level since 2011.
The Copler mine, located in Erzincan province’s Ilic district, has been active for about 13 years. It was previously operated through a partnership between U.S.-based SSR Mining and Lidya Madencilik, which is affiliated with Calik Holding.
The assets included in the transaction cover mining licenses and associated operations across several nearby sites in eastern Anatolia, including Cakmaktepe, Bayramdere, Mavialtin and Tuncpinar.
In a statement, SSR Mining said the proceeds from the sale will support reinvestment in its business, shareholder returns and new growth initiatives.
SSR Mining's Executive Chairman Rod Antal said the company had spent the past two years working toward restarting operations at the Copler mine safely. He added that the company reviewed strategic options for the asset before agreeing to the sale.
"As part of these efforts, we continued a strategic review of the optimal path forward at Copler to maximize shareholder value," he emphasized.
Cengiz Holding operates mining activities mainly through its subsidiaries Eti Bakir and Eti Aluminyum, producing copper, cobalt, and aluminum at several sites across Türkiye.
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