07:22 AM EDT, 03/12/2026 (MT Newswires) -- First Quantum Minerals ( FQVLF ) entered Thursday into a binding agreement to sell the Cayeli mine in Turkiye to Cengiz Insaat, a company controlled by Cengiz Holding.

"The sale reflects the company's disciplined approach to portfolio management as we focus on our core strategic priorities," said Tristan Pascall, Chief Executive Officer of First Quantum.

Under the terms of the transaction, Cengiz will acquire Cayeli for a purchase price of $340 million in cash, subject to certain customary adjustments at the time of closing. Cengiz is providing an advance payment of $50 million simultaneously to the transaction announcement, which is creditable against the purchase price at the closing of the transaction.

The transaction is subject to certain customary conditions and regulatory approvals and is expected to close during the second or third quarter of 2026.

Shares in FM were up 3.1% in Canada yesterday.