Major gold mine sale by Koç Holding

Koç Holding, one of Turkey's most established industrial groups, has divested from Demir Export, one of its key subsidiaries in the mining sector. The company, founded in 1957, has transferred the license for the Sarıalan Gold Mine Project in Balıkesir to CVK Maden, owned by the Çevik family, for a price of 18.5 million euros (approximately 900 million TL).

AGREEMENT REPORTED TO KAP

In a statement made by CVK Maden İşletmeleri to the Public Disclosure Platform (KAP), the following statements were included:

“Our company, CVK Maden İşletmeleri San. ve Tic. A.Ş., is taking initiatives to expand the license area of the Sarıalan Gold Mine Project, and in this context; an agreement has been reached between our company and Demir Export A.Ş. for the purchase of the mining site with Registration No: 201201393, Group IV Operating License, located within the borders of the İvrindi district of Balıkesir province, from Demir Export A.Ş. for a price of 18,500,000 USD.”

70 THOUSAND OUNCES OF GOLD AND 468 THOUSAND OUNCES OF SILVER RESERVES

Research conducted at the aforementioned mine in Balıkesir estimates that there are approximately 70 thousand ounces of gold and 468 thousand ounces of silver reserves. A two-year payment plan has been prepared for the 18.5 million euro price that CVK Maden will pay to Koç Holding. Additionally, 3 percent of the minerals to be obtained from the production to be carried out at the mine will be transferred to Demir Export as an NSR share.

News Source: 12punto