NEW YORK, March 5, 2026, 09:45 EST
- SSR Mining is unloading its 80% interest in Türkiye’s Çöpler mine, handing it off to Cengiz Holding in a cash deal valued at $1.5 billion.
- The stock surged over 12% right after the deal’s announcement.
- Both the company and analysts cite risk reduction as a factor following the 2024 landslide, which brought operations to a standstill.
SSR Mining Inc announced it’s offloading its 80% interest in the Çöpler gold mine in Türkiye to Cengiz Holding A.S. for $1.5 billion in cash. The stock jumped over 12% Wednesday after the news broke.
This deal is significant. Çöpler has cast a shadow on the shares ever since the mine halted operations following a 2024 landslide. That $1.5 billion cash infusion gives the company immediate flexibility to overhaul its portfolio. Analysts see the sale as a move to offload a tough-to-value asset, loaded with country and permitting risk—especially now, when investors aren’t tolerating uncertainty.
Çöpler was once central for SSR Mining, but after the 2024 landslide, the company halted operations and took on care and remediation costs. TD Cowen’s Steven Green described the price as attractive “for what is seen as a distressed asset,” noting to Reuters the sale backs a pivot toward the Americas.
SSR Mining is calling the agreement a binding memorandum of understanding, essentially laying out the key terms as both sides hammer out the final paperwork. The deal spans mining licenses and assets across eastern Anatolia, bringing in Çöpler and several nearby deposits. Notably, the company’s stake in the Hod Maden development project isn’t part of the package.
SSR Mining’s executive chairman Rod Antal said the company has spent the past two years working to move Çöpler toward what he called a “safe and responsible restart,” while also weighing different options for the asset. According to Antal, plans for the cash include reinvestment, capital returns, and what he described as “accretive growth initiatives.” SSR will also be reassessing its remaining Türkiye platform, which includes a 20% earned interest in Hod Maden. Business Wire
Cengiz will put down a $100 million deposit that counts toward the final payment, according to the announced terms. The deal also features a $50 million break fee payable by either side. SSR Mining noted that Cengiz’s obligation hinges only on a narrow due diligence review focused on reserves and resources, with no requirement for financing. Closing is slated for the third quarter of 2026.
According to a U.S. regulatory filing, the closing should happen within 120 days after the parties sign definitive agreements. The deal still needs a green light from Türkiye’s General Directorate of Mining and Petroleum Affairs, plus other typical consents and conditions.
Cengiz Holding ranks as one of Türkiye’s largest industrial conglomerates, holding stakes in copper, gold, and aluminum mining, according to SSR Mining and Reuters.
This deal hasn’t crossed the finish line. Turkish regulators still need to sign off, the buyer’s got more diligence to run, and hammering out the final paperwork could drag out the process. That break fee? It’s a reminder: either party can still walk if things go sideways.
If the deal wraps up as expected, SSR Mining faces pressure to spell out exactly how “capital returns” and “accretive growth” will play out, and clarify if there’s any presence left in Türkiye outside Hod Maden. Investors probably care less about the sticker price at this point—they’ll be watching closely to see how the company puts the proceeds to work.
