Turkey’s mining industry is entering a new phase of consolidation as domestic industrial groups strengthen their control over strategic metal assets. A key development illustrating this shift is the agreement by First Quantum Minerals to sell its Çayeli copper–zinc mine on Turkey’s Black Sea coast to Cengiz Holding for $340 million in cash.
The transaction reflects broader changes taking place across the global mining industry. While large multinational miners increasingly focus on flagship operations and high-volume projects, regional conglomerates are stepping in to acquire established assets that still offer long-term production potential.
Under the terms of the agreement, Cengiz Holding will make an initial $50 million payment upon announcement of the deal, which will later be credited toward the total purchase price at closing. Completion of the transaction remains subject to regulatory approvals and customary conditions and is expected during the second half of 2026.
For First Quantum Minerals, the divestment forms part of a wider strategy aimed at concentrating capital and management resources on its most significant global operations.
The Long-Standing Çayeli Mine
Located in Rize province in northeastern Turkey, the Çayeli mine has been operating since 1994 and remains one of the country’s longest-running underground base-metal mines. The deposit is classified as a volcanic-hosted massive sulphide (VHMS) system, producing copper and zinc concentrates that are exported to international smelters.
Recent exploration work has extended the operation’s lifespan through the discovery of the South Orebody, pushing the expected mine life to approximately 2036. This extension makes the asset an attractive acquisition for companies seeking stable long-term production in the base-metals sector.
For Cengiz Holding, adding the Çayeli mine to its portfolio further strengthens its position in Turkey’s copper industry and provides a reliable source of raw material for its downstream processing operations.
Building an Integrated Copper Value Chain
Cengiz Holding manages its mining activities through Eti Bakır, a vertically integrated subsidiary responsible for operating multiple copper mines and smelting facilities across Turkey. Over the past decade, the company has focused on building a complete copper value chain—from mining and concentrate production to smelting and refining.
Integrating the Çayeli operation into this structure could provide a steady supply of copper and zinc concentrates for the group’s processing facilities. Turkey’s copper smelting industry historically relied on a combination of domestic production and imported concentrates. By expanding its upstream mining portfolio, Cengiz Holding can reduce exposure to volatile global concentrate markets while strengthening domestic supply chains.
Such vertical integration has become an increasingly important strategy in the global mining industry as companies seek greater control over raw material flows and processing capacity.
Global Miners Rebalance Their Portfolios
The sale also highlights a broader trend among international mining companies: portfolio optimisation. Large global miners are increasingly focusing their investments on tier-one assets—large deposits capable of producing significant volumes over long periods. Smaller or mature operations that no longer fit these strategic priorities are often sold to regional operators.
First Quantum Minerals exemplifies this shift. The company’s core portfolio includes major copper operations such as Kansanshi and Sentinel in Zambia, which represent some of the largest copper mines in Africa.
In addition to its African assets, the company operates mines in Panama, Mauritania, Spain, Finland, and Australia, with future investment largely directed toward expanding large-scale copper production. The relatively smaller Çayeli mine therefore represents a modest contributor within First Quantum’s broader global operations.
Copper Demand and the Energy Transition
This portfolio reshaping is occurring against a backdrop of rapidly rising demand for copper, a metal widely regarded as essential for the global energy transition. Electric vehicles require significantly more copper than conventional internal combustion vehicles. Renewable energy infrastructure—including wind turbines, solar installations, and electricity grids—also relies heavily on the metal.
Analysts expect global copper demand to increase dramatically in the coming decades, potentially reaching over 40 million tonnes annually by the mid-2030s, compared with roughly 25 million tonnes today. This outlook is prompting major mining companies to prioritize large-scale copper projects capable of sustaining long-term production growth.
Domestic Buyers Take a Larger Role
As global miners streamline their portfolios, domestic industrial groups are increasingly acquiring mature or mid-sized mining assets.
These buyers often have strategic motivations that extend beyond short-term financial returns. Securing reliable access to raw materials can support domestic manufacturing industries, strengthen supply chains, and reduce dependence on imported metals.
Cengiz Holding’s acquisition strategy appears to reflect this trend. The conglomerate has steadily expanded its mining operations while developing processing infrastructure capable of handling domestic mineral production. By controlling multiple stages of the production chain, companies can capture more value from natural resources while improving supply stability.
A Larger Gold Deal on the Horizon
The purchase of the Çayeli mine is not the only major mining transaction involving Cengiz Holding. In March 2026, SSR Mining signed a binding memorandum of understanding to sell its 80 percent stake in the Çöpler gold mine to Cengiz Holding for approximately $1.5 billion in cash.
If finalized, the acquisition would represent one of the largest mining deals in Turkey in recent years. Located in eastern Turkey, the Çöpler mine is among the country’s most significant gold operations and has produced substantial volumes of the precious metal over the past decade. Together, the potential gold transaction and the Çayeli copper acquisition suggest that Cengiz Holding is pursuing a major expansion strategy across both base metals and precious metals.
Strengthening Turkey’s Mining Industry
These developments could significantly reshape Turkey’s mining sector. The country already hosts substantial deposits of copper, gold, and other industrial metals, and it has invested heavily in metallurgical infrastructure, including smelters and refining facilities.
Increasing domestic ownership of major mining assets may strengthen Turkey’s position as a regional hub for metals production and processing. At the same time, the trend reflects a broader shift toward resource nationalism and supply-chain resilience, as governments and domestic corporations seek greater control over strategic resources.
Control of Resources in a Changing Mining Industry
The acquisition of the Çayeli mine illustrates how ownership patterns within the global mining industry are evolving.
As multinational miners focus on large-scale projects, regional industrial groups are stepping in to expand their presence across the mining value chain. These companies are not only acquiring mineral deposits but also integrating them with smelting, refining, and manufacturing operations.
Such integration allows firms to secure raw materials, reduce market volatility, and retain more economic value within national economies. With demand for metals expected to surge as the global energy transition accelerates, similar transactions are likely to become increasingly common. In the years ahead, control over mineral resources—and the industrial systems that transform them into usable materials—may prove just as important as the metals themselves.
