First Quantum to sell Çayeli Mine in Türkiye

Core Viewpoint - First Quantum Minerals has agreed to sell its Çayeli mine in Türkiye to Cengiz Insaat for $340 million, reflecting a strategic portfolio management decision by the company [1][3]. Group 1: Transaction Details - Cengiz Insaat will purchase the Çayeli mine for $340 million (Tl15.03 billion), with an advance payment of $50 million made at the announcement [1]. - The transaction is subject to regulatory approvals and is expected to be completed in the second or third quarter of 2026 [2]. - The Çayeli mine has been operational since 1994, producing copper and zinc concentrates, and has a newly identified mineral resource that extends its operational life until 2036 [2]. Group 2: Company Strategy and Operations - First Quantum's CEO highlighted the dedication of employees and a strong safety culture as key factors in the mine's performance [3]. - The sale is part of First Quantum's disciplined approach to portfolio management, allowing the company to focus on its core strategic priorities [3]. - First Quantum is involved in the production of copper, nickel, and gold, and operates mines in Zambia, Türkiye, and Mauritania [3]. Group 3: Financial Advisory - BMO Capital Markets acted as the financial advisor for First Quantum in this transaction, while Simmons & Simmons provided legal advice [3].