SSR Mining (NASDAQ:SSRM,TSX:SSRM,OTCPL:SSRGF) has agreed to sell its majority stake in the Çöpler gold mine in Turkey for US$1.5 billion in cash, shifting the company’s portfolio towards the Americas as the yellow metal continues to surge amid rising geopolitical tensions.
The Denver-based miner announced it has signed a binding memorandum of understanding to sell its 80 percent interest in the Çöpler operation and related assets to Cengiz Holding A.S., one of Turkey’s largest industrial conglomerates.
Under the terms of the agreement, the full US$1.5 billion purchase price will be paid in cash at closing, which is expected in the third quarter of 2026, subject to regulatory approvals and customary conditions.
“Over the last two years, we have worked diligently to progress the Çöpler mine to allow for a safe and responsible restart of operations,” SSR Mining executive chairman Rod Antal said. “We have also concurrently worked closely with the Turkey government authorities to address each requirement to secure the necessary approvals to restart operations.”
“We are also conducting a strategic review of our remaining platform in Turkey, including our 20 percent earned interest in the Hod Maden development project,” Antal added.
SSR Mining said the transaction, alongside its 2025 acquisition of the Cripple Creek & Victor mine in Colorado, is a deliberate shift toward an Americas-focused portfolio.
Cengiz Holding, the buyer, is a major Turkish industrial group with operations spanning mining, construction, energy, metallurgy, and chemicals.
The transaction requires a US$100 million deposit from Cengiz Holding, which will be credited toward the purchase price at closing. The agreement also includes a reciprocal break fee of US$50 million.
Either party may terminate the agreement upon payment of the US$50 million termination fee.
The deal comes during a period of heightened investor interest in gold, as geopolitical tensions in the Middle East push investors toward traditional safe-haven assets.
Gold prices recently surged close to record levels, climbing above US$5,400 per troy ounce at one point as escalating conflict involving Iran raised fears of a broader energy crisis.
Analysts say gold has benefited from a growing “global uncertainty premium” as investors reassess traditional defensive assets.
“We are seeing bonds again failing to provide protection against risk-off events, even as gold delivers,” Seb Barker, chief market strategist at hedge fund firm Marshall Wace, told the Financial Times.
At the same time, disruptions to global supply chains are adding another layer of volatility to the precious metals markets.
Dubai, which handles about 20 percent of the world’s gold trade, has seen logistics disruptions after air traffic was suspended following military strikes in the region.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.