SSR Mining Inc. has agreed to sell its 80% ownership stake in the Çöpler gold mine in Turkey to Cengiz Holding A.S. for $1.5 billion in cash. The transaction, formalized in a memorandum of understanding signed on March 3, 2026, includes a $100 million deposit and a $50 million reciprocal break fee. Closing is expected in the third quarter of 2026 after regulatory approvals.
The sale represents a strategic shift for SSR Mining, which has been refocusing its portfolio on the Americas. Proceeds will be used to reduce debt, fund ongoing operations at its U.S. and Canadian mines, and support capital returns and growth initiatives. The transaction does not affect SSR Mining’s 20% interest in the Hod Maden copper‑gold development project, which remains under review.
Çöpler was suspended in 2024 after a landslide and a heap leach failure that an independent review traced to a third‑party engineered design flaw. SSR Mining has spent roughly $149 million on reclamation and remediation since the incident, and the asset has been described as distressed. The $1.5 billion price is therefore viewed as attractive by analysts.
SSR Mining’s recent financial performance supports the timing of the sale. In Q4 2025 the company reported net income of $181.5 million and earnings per share of $0.88, beating the $0.61 consensus estimate by $0.27. Cash on hand stood at $535 million, and the company plans to redeem $230 million of convertible senior notes by March 20, 2026, and to launch a $300 million share buyback program. The 2026 operating guidance of 450,000 to 535,000 gold‑equivalent ounces represents a 10% year‑over‑year increase.
Rod Antal, Executive Chairman, said: “Over the last two years, we have worked diligently to progress the Çöpler mine to allow for a safe and responsible restart of operations. We have also concurrently worked closely with the Türkiye government authorities to address each requirement to secure the necessary approvals to restart operations. As part of these extensive efforts, we continued a strategic review of the optimal path forward at Çöpler to maximize shareholder value, and today we are pleased to announce this all‑cash Transaction with Cengiz Holding.” He added, “We believe the Transaction will deliver significant net asset value and cash flow accretion relative to consensus estimates for Çöpler, which we expect will deliver immediate value to shareholders.” Antal also noted that the cash proceeds will be used for “continued reinvestment in the business, capital returns, and accretive growth initiatives,” and that the company is “also conducting a strategic review of our remaining platform in Türkiye, including our 20% earned interest in the Hod Maden development project.” He concluded that the sale, combined with the acquisition of the Cripple Creek & Victor mine, has “strategically repositioned the portfolio to the Americas. As the third largest gold producer in the United States, SSR Mining is expected to continue its robust annual production, anchored by operations in the USA.”
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.