First Quantum Minerals announces sale of Cayeli Mine for $340M

First Quantum Minerals (FQVLF) entered into a binding agreement to sell the Cayeli mine in Turkiye to Cengiz Insaat, a company controlled by Cengiz Holding, for a cash consideration of $340 million. Under the terms of the Transaction, Cengiz will acquire Cayeli for a purchase price of $340 million in cash, subject to certain customary adjustments at the time of closing. Cengiz is providing an advance payment of $50 million simultaneously to the Transaction announcement, which is creditable against the purchase price at the closing of the Transaction. The Transaction is subject to certain customary conditions and regulatory approvals and is expected to close during the second or third quarter of 2026.