NEW YORK, March 5, 2026, 09:45 EST
- SSR Mining agreed to sell its 80% stake in Türkiye’s Çöpler mine to Cengiz Holding for $1.5 billion cash
- Shares jumped more than 12% after the deal was announced
- Company and analysts point to risk reduction after the 2024 landslide that halted operations
SSR Mining Inc said it has signed a binding agreement to sell its 80% stake in Türkiye’s Çöpler gold mine to Cengiz Holding A.S. for $1.5 billion in cash, a move that sent its shares up more than 12% on Wednesday. 1
The transaction matters because Çöpler has hung over the stock since the mine was shut after a 2024 landslide, and because $1.5 billion in cash would give the company room to reshape its portfolio quickly. Analysts have framed the divestment as an attempt to strip out a hard-to-price country and permitting risk at a time when investors have been punishing uncertainty.
Çöpler had been a core asset, but SSR Mining suspended operations at the site in 2024 after the landslide and then carried the cost of keeping the property in care and remediation. TD Cowen analyst Steven Green called the price attractive “for what is seen as a distressed asset,” and said the sale supports a shift toward the Americas, according to Reuters.
SSR Mining described the deal as a binding memorandum of understanding — a contract that sets the main terms while the parties work toward final documents — and said it covers mining licenses and assets in eastern Anatolia, including Çöpler and nearby deposits. It excludes SSR Mining’s interest in the Hod Maden development project.
Rod Antal, the company’s executive chairman, said SSR Mining had spent two years working to progress Çöpler toward a “safe and responsible restart,” while reviewing options for the asset. He said the company expects to use the cash for reinvestment, returns of capital and “accretive growth initiatives,” and will also review its remaining Türkiye platform, including its 20% earned interest in Hod Maden. 2
Under the disclosed terms, Cengiz is required to pay a $100 million deposit that would be credited at closing, and the agreement includes a $50 million reciprocal break fee. SSR Mining said the buyer’s obligation is subject to limited due diligence tied to reserves and resources, with no financing contingency, and that closing is expected in the third quarter of 2026. 3
A U.S. regulatory filing said closing is expected no later than 120 days after definitive agreements are signed, and will require approval from Türkiye’s General Directorate of Mining and Petroleum Affairs along with other customary consents and conditions.
Cengiz Holding is among Türkiye’s biggest industrial groups, with mining interests across copper, gold and aluminum, SSR Mining and Reuters said.
The sale is not done yet. Turkish regulatory approval, the buyer’s diligence work and the negotiation of final documents can all stretch timelines, and the break fee underlines that either side still has an exit if conditions sour.
If the deal closes as planned, SSR Mining will have to explain quickly what “capital returns” and “accretive growth” mean in practice, and whether it keeps any footprint in Türkiye beyond Hod Maden. Investors are likely to focus less on the headline price and more on what the company does with the cash next.
