SSR Mining (NASDAQ:SSRM) on Wednesday announced it has entered into a binding memorandum of understanding to sell its 80% ownership stake in the Çöpler mine and related properties in Türkiye to Cengiz Holding for $1.5 billion in cash.
The transaction excludes SSR Mining's 20% earned interest in the Hod Maden development project.
Cengiz Holding, one of Türkiye's largest industrial conglomerates with operations in mining, construction, energy and other sectors, will acquire the Çöpler complex, which includes the Çöpler gold mine that has been on care and maintenance following a 2024 incident.
Under the terms, the entire $1.5 billion purchase price is payable in U.S. dollars at closing.
Cengiz Holding is required to pay a $100 million deposit, creditable against the purchase price or refundable under limited circumstances.
The agreement includes a $50 million reciprocal break fee payable by either party in the event of termination under certain conditions.
Closing is subject to regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs, along with other customary consents and conditions.
Proceeds from the sale are expected to support continued reinvestment in the business, capital returns to shareholders and accretive growth initiatives.
SSR Mining is also conducting a strategic review of its remaining interests in Türkiye, including the Hod Maden project.