First Quantum Eyes Exit from Turkey as Çayeli Copper Mine Put Up for Sale

Turkey’s mining sector may be on the verge of a significant ownership shift. First Quantum Minerals (FQM), the Canadian mining giant, is reportedly preparing to sell Çayeli Bakır İşletmeleri (ÇBİ), its only investment in Turkey. Industry insiders suggest that both domestic and international buyers are circling the asset, with Cengiz Holding emerging as the most prominent and well-positioned contender.

Operating for more than three decades in Rize’s Çayeli district, Çayeli Bakır İşletmeleri has long been regarded as one of the region’s most important industrial pillars. The start of a potential sale process signals not only a corporate decision by FQM, but also a broader reconfiguration of power dynamics within Turkey’s copper and mining industries.

A Strategic Exit from Turkey on the Table

According to information brought to public attention by journalist Olcay Aydilek, and based on sector sources, First Quantum Minerals has begun exploring options to exit its Turkish operations altogether. While no official disclosure has yet been made through public platforms, market chatter indicates that preliminary discussions with potential buyers are already underway.

The reported move has drawn attention because Çayeli Bakır İşletmeleri is not a marginal asset. On the contrary, it is considered one of Turkey’s most advanced underground metal mining operations, playing a strategic role in domestic copper production. As a 100% subsidiary of First Quantum Minerals, any transaction would mark a complete withdrawal of the Canadian firm from the Turkish market.

A Surprising Decision After Extending Mine Life

What makes the sale rumors particularly striking is the timing. At the beginning of 2025, First Quantum publicly announced that new reserve discoveries had extended the mine’s operational life by another 10 years, pushing its horizon to 2035. The company disclosed the identification of approximately 10 million tons of additional reserves, supported by fresh investments aimed at sustaining long-term production.

These announcements had reinforced the perception that First Quantum was committed to Turkey for the foreseeable future. The extension was widely interpreted as a vote of confidence in both the geology of the site and the regulatory environment. As a result, news of a potential exit has caught many industry observers off guard.

Analysts now suggest that the decision is less about local conditions and more about global corporate strategy. Volatility in international copper prices, combined with First Quantum’s efforts to reduce its global debt burden, is believed to be driving a renewed focus on asset sales and liquidity generation.

Cengiz Holding Emerges as the Front-Runner

Among the names circulating in the corridors of the mining sector, Cengiz Holding stands out as the strongest candidate. Known as one of Turkey’s largest and most experienced players in copper production, the group’s technical expertise and familiarity with the region are seen as major advantages.

Sources indicate that while First Quantum is in contact with multiple domestic and foreign firms, Cengiz Holding is often described as the “favorite” in ongoing discussions. Its established presence in Turkey’s mining ecosystem, coupled with its financial capacity to absorb a large-scale asset, places it in a favorable negotiating position.

The Çayeli facility itself adds to the deal’s attractiveness. With an annual ore processing capacity of around 1.3 million tons, the mine is considered a cornerstone of Turkey’s underground metal mining infrastructure. Any buyer would be acquiring not only reserves, but also decades of operational know-how and a fully developed production complex.

Part of a Broader Global Downsizing?

Although First Quantum Minerals has not yet issued an official statement regarding Çayeli Bakır İşletmeleri, recent corporate actions offer clues about its broader direction. The company previously sold its Cobre Las Cruces mine in Spain, signaling a deliberate move toward streamlining its asset portfolio.

Industry analysts interpret the potential sale of Çayeli as another step in this global portfolio simplification strategy. Rather than reflecting a loss of confidence in Turkey, the move appears aligned with FQM’s objective of reallocating capital, strengthening its balance sheet, and prioritizing core assets elsewhere.

If confirmed, the transaction would underscore how global mining companies are increasingly reassessing geographic exposure amid fluctuating commodity markets and tighter financial conditions.

What This Means for Turkey’s Mining Landscape

A change in ownership at Çayeli Bakır İşletmeleri would have implications beyond a single asset. It could reshape competitive dynamics in Turkey’s copper sector, strengthen domestic players, and potentially increase local control over strategic mineral resources.

For regional economies, continuity of operations will be a key concern. Çayeli Bakır has been a major employer and economic anchor in Rize for decades. Any buyer, particularly a domestic one with long-term ambitions, would be expected to maintain production and employment levels, preserving the mine’s role in the local economy.

As discussions reportedly continue behind closed doors, the market is watching closely. Whether the outcome confirms Cengiz Holding as the new owner or introduces an unexpected international bidder, the sale of Çayeli Bakır İşletmeleri is shaping up to be one of the most consequential mining transactions in Turkey in recent years.