SSR Mining in deal to sell Turkish gold mine for US$1.5 billion

SSR Mining Inc. [SSRM-TSX, NASDAQ, SSRM-ASX] said is has entered into a binding memorandum of understanding (MOU) to sell its 80% interest in the Copler gold mine and related properties in Turkiye for US$1.5 billion in cash.

SSR shares advance on the news, rising 12% or $4.77 to $44.30. the shares trade in a 52-week range of $44.43 and $12.30.

Under the MOU, the entire cash amount is payable on closing of the transaction. Copler is being acquired by Cengiz Holding Holdings A.S., one of Turkiye’s largest industrial companies with operations spanning copper, gold and aluminum mining and processing. Cengiz also has major interests in construction, energy, metallurgy and the chemicals and fertilizer industries.

SSR is a gold-focused company with four producing operations in the United States, Canada and Argentina. In 2026, SSR said it expects to deliver production of 450,000 to 535,000 gold equivalent ounces from its Marigold, Cripple Creek & Victor (CC&V), Seabee and Puna operations.

In February, 2024, SSR suspended operations at Copler as a result of a large slip on the heap leach pad. “Over the last two years, we have worked diligently to progress the Copler mine to allow for a safe and responsible restart of operations,’’ said SSR Mining Executive Chairman Rod Antal.

“We are also conducting a strategic review of our remaining platform in Turkiye, including our 20% interest in the Hod Maden development project,” Antal said. “With last year’s acquisition of the Cripple Creek & Victor mine and today’s agreement for the sale of Copler, we have strategically repositioned the portfolio to the Americas,’’ he said. “As the third largest gold producer in the United States, SSR Mining is expected to continue its robust annual production, anchored by operations in the USA.’’

Under the MOU, Cengiz is required to pay a deposit of US$100 million, which is credited against the purchase price at the closing of the transaction or refundable in full (in full or partially) in certain limited circumstances. The transaction includes a US$50 million reciprocal break fee. Closing of the transaction will be subject to receipt of regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs as well as other consents and approvals.  Gengiz’s obligation to proceed with the transaction is subject to the satisfaction of limited due diligence related to mineral reserves and resources at Copler and is not subject to the receipt of operations and other permits or licenses. Either party has the right to terminate the MOU at any time upon notice to the other party, subject to a termination fee of US$50 million. The transaction is expected to close in the third quarter of 2026.

Copler produced 28,206 ounces of gold in 2024 and zero in 2025.