Canada's SSR Mining to sell stake in Turkey's Copler mine for $1.5 billion (updated)

SSR Mining

04/03/2026 12:32

Adds details in paragraph 3-4, analysts' comments in paragraphs 6-8; updates shares

By Varun  Sahay

March 4 (Reuters) - Canada's SSR Mining SSRM.TO said on Wednesday it had entered a binding memorandum of understanding to sell its 80% stake in Turkey's Copler mine to Cengiz Holding A.S. for $1.5 billion in cash, sending its shares up more than 12%.

The gold miner said it was also conducting a review of its remaining platform in Turkey, including a 20% interest in the Hod Maden development project.

The deal with Cengiz, which is expected to close in the third quarter, covers all of SSR's mining licenses and assets in eastern Anatolia, including Copler and nearby satellite deposits.

Cengiz Holding A.S. is one of Turkey's largest industrial companies with operations spanning copper, gold and aluminum mining and processing.

    SSR Mining had suspended operations at the Copler mine in 2024 after a landslide left at least nine miners missing, following which the company conducted a review of the mine.

SSR has spent roughly $149 million on reclamation and remediation activities since the landslide in February 2024, according to RBC Capital Markets analysts.

Several analysts said the divestiture removes a key risk overhang, with TD Cowen's Steven Green noting that the purchase price looked attractive "for what is seen as a distressed asset."

The deal also supports the Canadian miner's strategic shift towards assets located in the Americas, Green added.

 (Reporting by Varun Sahay in Bengaluru; Editing by Shreya Biswas)

 ((Varun.Sahay@thomsonreuters.com;))