First Quantum Minerals Announces Sale of Çayeli Mine

Core Viewpoint - First Quantum Minerals Ltd. has entered into a binding agreement to sell the Çayeli mine in Türkiye to Cengiz Insaat for a cash consideration of $340 million, reflecting the company's disciplined approach to portfolio management and focus on core strategic priorities [1][2]. Transaction Summary - The Çayeli mine will be sold for a purchase price of $340 million in cash, with an advance payment of $50 million made by Cengiz at the time of the announcement, which will be credited against the purchase price at closing [3]. - The transaction is subject to customary conditions and regulatory approvals, with an expected closing during the second or third quarter of 2026 [4]. About Çayeli - The Çayeli mine, located on the Black Sea coast of north-eastern Türkiye, has been producing copper and zinc concentrates since 1994 and has a newly defined deposit that extends its operating life to 2036 [5]. About Cengiz Holding - Cengiz Holding is one of Türkiye's largest industrial conglomerates, involved in various sectors including energy, mining, construction, tourism, and services [6]. About First Quantum - First Quantum is engaged in the production of copper, nickel, and gold, with operating mines in Zambia, Türkiye, and Mauritania. The company is also progressing on various projects, including the Taca Taca copper-gold-molybdenum project in Argentina [8].