SSR Mining (NASDAQ: SSRM) inks $1.5B deal to sell 80% Çöpler mine stake
Rhea-AI Filing Summary
SSR Mining Inc. has signed a definitive share purchase agreement with Cengiz Holding to sell its 80% ownership stake in the Çöpler mine in Türkiye for $1.5 billion in cash, subject to customary closing adjustments and approvals.
The transaction is expected to close by late July 22, 2026 and excludes SSR Mining’s interest in the Hod Maden development project. In connection with the agreed purchase price versus the current estimated net asset value of Çöpler, the company expects to record a non-cash impairment charge of approximately $310–$340 million in the quarter ending March 31, 2026, and to classify Çöpler as held for sale and a discontinued operation.
Cengiz Holding has deposited $100 million in escrow to be credited at closing or refunded in limited circumstances, and a transition services agreement is contemplated to support operations after closing.
Positive
- Large cash monetization of Çöpler asset: SSR Mining agreed to sell its 80% stake in the Çöpler mine and related properties for $1.5 billion in cash, potentially providing substantial financial flexibility once the transaction closes, subject to conditions and closing adjustments.
- Risk transfer and transition framework: The sale moves operational and jurisdictional risk associated with Çöpler to Cengiz Holding, while a planned transition services agreement should help maintain continuity for the mine after closing.
Negative
- Material non-cash impairment charge: The company expects to record a non-cash impairment of approximately $310–$340 million in the quarter ending March 31, 2026, driven by the agreed purchase price relative to Çöpler’s current net asset value estimate.
- Loss of a major producing asset: Selling an 80% interest in the Çöpler mine removes a significant operating asset from SSR Mining’s portfolio, with future performance more dependent on remaining operations and projects such as Hod Maden.
Insights
SSR Mining monetizes Çöpler for $1.5B but books a large non-cash impairment.
SSR Mining agreed to sell its 80% stake in the Çöpler mine and related properties for $1.5 billion in cash. This is a major portfolio move, shifting value from a single Turkish asset into cash, while retaining exposure to the Hod Maden development project.
The company expects a non-cash impairment of about $310–$340 million in the quarter ending March 31, 2026, reflecting a purchase price below the current net asset value estimate. Economically, that charge is backward-looking accounting rather than an incremental cash outflow.
Closing is targeted on or before July 22, 2026, with conditions including Turkish regulatory approval and other consents. The $100 million escrow from Cengiz provides some transaction security, but completion still depends on approvals and adherence to customary covenants and termination provisions.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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ITEM 1.01. Entry Into a Material Definitive Agreement.
On March 3, 2026, SSR Mining Inc., a British Columbia corporation (the “Company”), announced that it had entered into a binding memorandum of understanding (the “MoU”) with Cengiz Holding A.Ş. (“Cengiz Holding”) to sell its 80% ownership interest in the Çöpler mine and related properties in Türkiye (collectively, “Çöpler”) for $1.5 billion (the “Purchase Price”) in cash.
As contemplated by the MoU, on March 24, 2026, the Company, its wholly owned subsidiary Alacer Gold Corp. S.à r.l. (the “Seller”), and Cengiz Holding entered into a share purchase agreement (the “Purchase Agreement”) pursuant to which Cengiz Holding agreed to acquire or have an affiliate acquire all of the issued and outstanding shares of Alacer Gold Madencilik A.Ş., a wholly owned subsidiary of the Company through which the Company holds its interest in Çöpler, for a purchase price of $1.5 billion (subject to adjustments for certain cash, indebtedness and net working capital balances as well as for certain other amounts owed to third parties at the time of the closing) (the “Transaction”). The Transaction excludes the Company’s interests in the Hod Maden development project. The Purchase Price is payable in U.S. dollars at closing.
The Purchase Agreement contains representations from the Seller limited to its ownership of Çöpler, its ability to enter into the Purchase Agreement and related agreements and other matters. The closing of the Transaction is expected to occur on or before July 22, 2026, and will be subject to receipt of regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs as well as other consents and approvals that may be required in connection with the Transaction, and other customary closing conditions. The Purchase Agreement contains customary termination rights for failure to obtain required consents or material breach by another party. The Purchase Agreement supersedes the MoU in all respects.
The Purchase Agreement contemplates the execution of a transition services agreement that will set forth certain services to be provided by the Company (or an affiliate) to the Çöpler business for a transition period following the closing of the Transaction.
As had been contemplated by the MoU, Cengiz Holding has deposited an amount of $100 million in escrow, which will be credited against the purchase price at the closing or refundable (in full or partially) in certain limited circumstances.
The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.06. Material Impairments.
In connection with the Transaction described in Item 1.01 of this Current Report on Form 8-K, on March 24, 2026, the Company determined that it expects to incur a non-cash charge between approximately $310 million and $340 million, as a result of the Purchase Price compared to the estimate of the current net asset value of the Çöpler mine. The Company expects that the non-cash charge will be recorded in the quarter ending March 31, 2026. The Çöpler mine will be classified as held for sale in the balance sheet as of March 31, 2026, and will be treated as a discontinued operation. The estimated non-cash charge reflects the Company’s best estimate as of the date of this Current Report on Form 8-K; however, the Company continues to evaluate the amount of the charge.
Item 7.01. Regulation FD Disclosure.
On March 25, 2026, the Company issued a news release announcing the entering into of the Purchase Agreement, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing.
ITEM 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
Description of Exhibit | |
|
10.1*
|
Share Purchase Agreement, dated March 24, 2026, among SSR Mining Inc., Alacer Gold Corp. S.à r.l. and Cengiz Holding A.Ş. | |
|
99.1 |
News Release, dated as of March 25, 2026, announcing SSR Mining Inc. entering into a binding share purchase agreement to sell its ownership in the Çöpler mine | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Schedules and exhibits have been omitted pursuant to Instruction 4 of Item 1.01 of Form 8-K and Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of such schedules and exhibits, or any section thereof, to the U.S. Securities and Exchange Commission upon request.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SSR MINING INC. | |||
| By: | /s/ Eric Gunning | ||
| Name: Eric Gunning | |||
| Title: General Counsel and Corporate Secretary | |||
| Dated: March 26, 2026 | |||
 |
News Release |
| March 25, 2026 |
SSR MINING PROVIDES UPDATE ON ÇÖPLER MINE SALE
DENVER - SSR Mining Inc. (Nasdaq/TSX: SSRM) ("SSR Mining" or the “Company") is pleased to announce the signing of a definitive share purchase agreement (the “Agreement”) with Cengiz Holding A.S. (“Cengiz”) for the sale of its 80% ownership stake in the Çöpler mine and related properties in Türkiye (collectively, “Çöpler”) for $1.5 billion in cash (the “Transaction”). The Agreement was contemplated by and is aligned with all key terms in the previously announced memorandum of understanding with Cengiz, as disclosed in the Company’s press release on March 4, 2026.
The closing of the Transaction will be subject to receipt of regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs, as well as other consents and approvals that may be required in connection with the Transaction, and other customary closing conditions. The Transaction is expected to close in the third quarter of 2026.
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX.
For more information, please visit: www.ssrmining.com.
E-Mail: invest@ssrmining.com
Phone: +1 (888) 338-0046
Cautionary Note Regarding Forward-Looking Information and Statements:
Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward -looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.
Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release.
Forward-looking information and statements in this news release are subject to a number of risks and other considerations including, among other things: our ability to successfully close the Transaction within the time periods anticipated, or at all; our ability to obtain necessary regulatory and other approvals or consents for the Transaction that may be required; changes in local, national and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements; our ability to generate free cash flow and return capital to shareholders, including via share repurchases or dividends; our review of strategic plans regarding our operations in Türkiye; maintaining community and governmental relations; status of negotiations of current and future joint ventures and their governance and operations; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions.
The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties described above and those disclosed in our filings that we make on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
FAQ
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