Sector note · Mining
Mines: the licence sets the value
Turkish mining assets change hands for hundreds of millions of dollars; the price follows the licence and the project’s stage, and much of it is paid in instalments or on milestones.
Named deals
- 1Hod Maden, up to 40% SSR Mining · USD 270m · 2023
- 2Virtus Mining, 70% CVK Maden · USD 159m · 2024
- 3Doğu Biga Tümad · USD 470m · 2025
- 4Çayeli Cengiz İnşaat · USD 340m · 2026
- 01
Tümad agreed in September 2025 to buy Doğu Biga Madencilik, holder of the Kirazlı, Ağı Dağı and Çamyurt gold projects, from Alamos Gold for USD 470m in cash, paid in three instalments over two years, the last two backed by bank guarantees.
- 02
First Quantum agreed in March 2026 to sell the Çayeli copper and zinc mine on the Black Sea coast to Cengiz İnşaat for USD 340m.
- 03
SSR Mining agreed in May 2023 to acquire up to 40% of the Hod Maden gold and copper project for USD 270m: USD 120m upfront for 10% and USD 150m on milestones.
- 04
CVK Maden agreed in May 2024 to buy 70% of Virtus Mining, owner of the Yenipazar project, for USD 159m, most of it payable in instalments to 2029.
- 05
Under Mining Law No. 3213 a licence may be transferred, but the transfer takes effect only with the ministry’s approval and its entry in the mining register.
Orion view
In mining the buyer prices the licence, the resource and how far the project is from production, and pays for the risk through the structure: instalments, milestones, royalties. A seller holds value by having the licence file, the permits and the resource statement ready to audit, and by securing the deferred payments, as the bank guarantees did in the Doğu Biga sale.
Sources: as cited above, read October 2026; Orion Capital Partners analysis.
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