First Quantum Minerals Ltd. (FM.TO), Thursday announced its decision to sell Çayeli mine in Türkiye to Cengiz Insaat, a company controlled by Cengiz Holding, for $340 million in a cash deal.
Of the total consideration, Cengiz will provide an advance payment of $50 million simultaneously to the transaction announcement, which is creditable against the purchase price at the closing of the transaction.
CEO Tristan Pascall noted that the sale reflects the company's disciplined approach to portfolio management as it focus on core strategic priorities.
The deal is expected to close during the second or third quarter of 2026.
Currently, FM.TO is trading at C$33.51, up 3.14 percent on the Toronto Exchange.
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