First Quantum to Sell Türkiye’s Çayeli Mine to Cengiz for $340 Million

First Quantum Minerals ( (TSE:FM) ) has issued an announcement.

First Quantum Minerals has agreed to sell its Çayeli copper and zinc mine in Türkiye to local conglomerate Cengiz Holding for $340 million in cash, reinforcing its push to streamline its portfolio around core strategic priorities. The deal includes a $50 million advance payment, is subject to customary conditions and regulatory approvals, and is expected to close in the second or third quarter of 2026.

Çayeli, an underground operation on Türkiye’s Black Sea coast that has been producing copper and zinc concentrates since 1994, recently secured a life extension to 2036 through the delineation of the South Orebody deposit. Divesting a long-life, non-core asset suggests First Quantum is seeking to reallocate capital amid operational challenges at other sites, while Cengiz strengthens its position in the Turkish mining sector.

The most recent analyst rating on (TSE:FM) stock is a Buy with a C$50.00 price target. To see the full list of analyst forecasts on First Quantum Minerals stock, see the TSE:FM Stock Forecast page.

Spark’s Take on TSE:FM Stock

According to Spark, TipRanks’ AI Analyst, TSE:FM is a Neutral.

The score is driven primarily by mixed financial performance: strong operating cash flow and improving leverage are offset by weak/unstable net profitability and sharply lower 2025 free cash flow. Technicals are bearish with price below key moving averages and negative MACD, and valuation is unattractive due to an extremely high P/E with no dividend support.

To see Spark’s full report on TSE:FM stock, click here.

More about First Quantum Minerals

First Quantum Minerals is a Toronto-listed base metals miner focused on the production of copper, nickel and gold, as well as related exploration and development. The company operates mines in Zambia, Türkiye and Mauritania, while major assets such as Cobre Panamá and Ravensthorpe have been placed into preservation, safe management or care and maintenance in recent years.

Average Trading Volume: 2,673,940

Technical Sentiment Signal: Buy

Current Market Cap: C$27.95B

See more insights into FM stock on TipRanks’ Stock Analysis page.