FQM Considers Sale of Çayeli Mine to Bolster Balance Sheet
First Quantum Minerals Explores Sale of Turkey’s Çayeli Copper-Zinc Mine Amid Balance Sheet Pressures
First Quantum Minerals Ltd. is considering the sale of its copper and zinc mine in Turkey as part of efforts to strengthen its balance sheet, according to people familiar with the matter.
The Canadian mining company initiated a sales process earlier this month for the Çayeli mine, one of Turkey’s largest underground mining operations.
The sources, who requested anonymity due to the confidential nature of the discussions, said the asset is valued at approximately $400 million. Çayeli is considered one of First Quantum’s smaller operations within its global portfolio.
The people cautioned that there is no certainty the company will proceed with a transaction. First Quantum declined to comment on the potential sale.
The possible divestment comes as First Quantum continues to review its asset base following the suspension of its flagship Cobre Panama copper mine in late 2023, after Panama’s government ordered operations to cease.
The shutdown significantly reduced the company’s cash flow and prompted a broader strategy to improve liquidity and financial resilience.
As part of these efforts, First Quantum previously explored the sale of a stake in its Zambian mining operations, though that plan was abandoned in August last year.
More recently, the company agreed to sell its Cobre Las Cruces mine in Spain to Global Panduro for proceeds of up to $190 million.
Located on Turkey’s northeastern Black Sea coast, the Çayeli mine has been in continuous production since 1994. In 2024, the underground operation produced 11,491 metric tonnes of copper, along with zinc as a by-product.
Meanwhile, uncertainty continues to surround the future of Cobre Panama. Earlier this month, Panamanian President José Raúl Mulino said he aims to announce by June a decision on whether the mine will be permitted to restart.
The prolonged suspension has become one of the most significant sources of uncertainty in the global copper market.
