Simmons & Simmons has advised international mining and metals company First Quantum Minerals (FQM) on the sale of its indirect wholly-owned subsidiary, Çayeli, owner and operator of the Çayeli copper and zinc mine in Türkiye, to a company controlled by Cengiz Holding.
The transaction, valued at US$340 million, includes a US$50 million advance payment by Cengiz to FQM at announcement, creditable against the purchase price when the deal closes.
The deal was announced on 12 March 2026 and is expected to close in the second or third quarter of 2026, subject to customary conditions and regulatory approvals.
Çayeli mine, located on the Black Sea coast of north-eastern Türkiye, has produced copper and zinc concentrates since 1994. In 2025, the identification of a new mineral deposit extended the mine’s operating life to 2036.
Cengiz Holding is one of Türkiye’s largest industrial groups, active in energy, mining, construction, tourism, and services.
Simmons & Simmons acted as legal advisor to FQM. BMO Capital Markets served as financial advisor to FQM.
The Simmons & Simmons team was led by Global Sector Head, Iain Duncan, Corporate Partner Isabella Roberts and Of Counsel Corinne Noel, supported by a multidisciplinary, cross-border team.
Iain Duncan commented: “We are proud to have supported First Quantum Minerals on this strategically important mining transaction in Türkiye. Our team’s experience, cross-border expertise and deep sector knowledge were key to delivering a successful outcome for our client.”
First Quantum General Counsel David Johnson comments: "Simmons & Simmons delivered outstanding legal support throughout this divestment. Their team’s commercial insight and strong grasp of First Quantum’s business were instrumental in achieving a smooth transaction and positioning Çayeli for its next stage of growth under Cengiz Holding.”
