A Canadian gold mining company said it has signed a definitive agreement to sell its majority stake in a gold mine in eastern Turkey where a 2024 landslide killed nine workers, a transaction that would transfer the asset to a Turkish conglomerate often linked to President Recep Tayyip Erdoğan’s network of favored contractors.
SSR Mining Inc. said it signed a share purchase agreement with Cengiz Holding A.S. to sell its 80 percent stake in the Çöpler mine and related properties for $1.5 billion in cash. The company said the definitive agreement aligns with the key terms in a memorandum of understanding it announced March 4.
The transaction will require regulatory approval from Turkey’s General Directorate of Mining and Petroleum Affairs, the state body that issues and oversees key mining licenses, plus other consents and customary closing conditions, the company said. SSR Mining said it expects the deal to close in the third quarter of 2026.
Cengiz Holding describes itself as active in mining, energy, construction, tourism and services. It has expanded in metals and mining, including copper and aluminum production.
The company’s chairman, Mehmet Cengiz, is frequently cited by opposition figures as part of a small group of major contractors sometimes called the “Gang of Five,” a label used to allege that these firms have benefited from state tenders during Erdoğan’s time in office.
The Çöpler mine in Erzincan province became the focus of scrutiny after a landslide on February 13, 2024, swept through a heap leach area. Turkish authorities later recovered the bodies of nine workers.