SSR Mining Announces \$1.5 Billion Sale of Çöpler Mine to Cengiz Holding
SSR Mining Announces \$1.5 Billion Sale of Çöpler Mine to Cengiz Holding
Major Portfolio Repositioning with Focus on the Americas
Date: March 4, 2026
Ticker: SSRM (Nasdaq/TSX)
Key Points from the Report
- SSR Mining Inc. has entered into a binding agreement to sell its 80% ownership stake in the Çöpler mine and related assets in Türkiye to Cengiz Holding A.S. for \$1.5 billion in cash.
- The transaction is structured as an all-cash deal, with the full \$1.5 billion consideration payable on or before closing.
- Cengiz Holding is one of Türkiye’s largest industrial companies, with diversified interests in mining, energy, construction, and chemicals.
- The transaction excludes SSR Mining’s interests in the Hod Maden development project, where the company holds a 20% earned interest.
- The proceeds from the sale are expected to be used for reinvestment in the business, capital returns to shareholders, and growth initiatives.
- SSR Mining is conducting a strategic review of its remaining platform in Türkiye, including the Hod Maden project.
- With this sale and last year’s acquisition of the Cripple Creek & Victor mine, SSR Mining is now strategically repositioned with a primary focus on the Americas and has become the third largest gold producer in the United States.
Detailed Transaction Terms
- Cengiz Holding will pay a \$100 million deposit, creditable against the purchase price at closing or refundable in certain circumstances.
- The deal includes a \$50 million reciprocal break fee; either party can terminate the binding memorandum of understanding at any time via notice, subject to the payment of the break fee.
- The sale includes all mining licenses, assets, rights, liabilities, and interests related to SSR Mining’s operations in eastern Anatolia: Çöpler, Çakmaktepe, Bayramdere, Mavialtin, and Tunçpınar.
- The transaction is subject to regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs and other customary consents and approvals.
- Cengiz Holding’s obligation is subject to limited due diligence related to mineral reserves and resources at Çöpler, but is not contingent on operational permits, other licenses, or financing.
- Transaction expected to close in Q3 2026.
Important Shareholder Considerations & Potentially Price-Sensitive Information
- Immediate and significant cash inflow of \$1.5 billion upon closing, which could enhance the company’s financial flexibility, fund growth, and support capital returns (including buybacks and dividends).
- The sale marks a strategic shift, concentrating SSR Mining’s portfolio in the Americas—a move that could affect the company’s risk profile, growth prospects, and exposure to geopolitical factors.
- Shareholders should note the company is undertaking a strategic review of its remaining Turkish asset (Hod Maden), which could result in further transactions or changes in asset mix.
- The deal’s completion is subject to regulatory and due diligence hurdles; failure to close could impact sentiment and share price volatility.
- CIBC World Markets Inc. provided a fairness opinion to SSR Mining’s Board, stating the transaction is financially fair to the Company as of March 3, 2026.
Risks and Forward-Looking Statements
- The transaction is subject to risks including: possible failure to finalize definitive agreements, changes in final terms, ability to obtain necessary approvals, macroeconomic and geopolitical risks, and other factors.
- Shareholders are cautioned not to place undue reliance on forward-looking statements, as actual results may differ due to a variety of factors outside the company’s control.
Contact and Additional Information
Disclaimer
This article contains forward-looking statements based on current expectations, which are subject to risks and uncertainties. Actual results may differ materially. Investors are urged to consult official filings on SEDAR+ and EDGAR for a full discussion of risks and to not rely solely on this summary for investment decisions. This article is for informational purposes only and does not constitute investment advice or an offer to buy or sell any security.
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