The Kartaltepe JV, which spans an area of 9,200 hectares, has eight licences and contains a total of about 207,000 ounces of gold in mineral reserves
SSR Mining will raise its total stake in the Kartaltepe Mining JV to 80% from 50%. (Credit: CNW Group/SSR Mining Inc.)
SSR Mining has signed an agreement with its partner Lidya Mining to acquire an additional 30% ownership interest in the Kartaltepe Mining joint venture (JV) at the Ҫӧpler District in Türkiye for a total cash consideration of $150m.
The transaction brings SSR Mining’s total stake in the Kartaltepe Mining JV to 80%.
The Kartaltepe JV, which spans an area of 9,200 hectares, has eight licences. It contains a total of about 207,000 ounces of gold in mineral reserves, including about 200,000 ounces, or 12%, of the existing Çakmaktepe extension mineral reserves.
The licences cover the Çakmaktepe and Bayramdere deposits along with the Mavialtin Porphyry Belt, which is home to various exploration prospects like Mavidere, Saridere, Findiklidere, and Aslantepe.
SSR Mining president and CEO Rod Antal said: “The acquisition of an additional 30% of Kartaltepe continues the Company’s successful track record of reinvesting proceeds from non-core asset sales into core operating jurisdictions.
“Ҫӧpler is our cornerstone asset, and Çakmaktepe Extension represents one of the major drivers of both near and longer-term upside for the operation.
“With this Transaction, we expect to improve the life of mine cash flow for Çakmaktepe Extension while also increasing our exposure to potential future upside at the Ҫӧpler District. Resource conversion and expansion drilling at Çakmaktepe Extension has continued throughout 2022, with the project remaining on track for first production in 2023.”
Through the acquisition of the additional stake, SSR Mining expects to streamline operating, financial and exploration activities throughout the Ҫӧpler District while generating tangible synergies.
The transaction will be funded by the proceeds the company received from divesting its non-core assets over the previous 18 months.
The transaction, which is subject to customary closing conditions, is expected to be completed in Q4 2022.