Türk Altın acquires all of Sındırgı Maden İşletmeleri for $65.5 million

Türk Altın has acquired all shares of Sındırgı Maden İşletmeleri A.Ş., which holds mining licenses and an ore processing facility in Balıkesir and Bilecik.

A Share Transfer and Purchase Agreement regarding the transfer process was signed between the companies. The preliminary agreement price, previously announced as $69.9 million, was redetermined following legal, financial, technical, and operational due diligence, as well as valuation studies.

As a result of negotiations between the parties, the purchase price was finalized at $65.5 million.

Within the scope of the acquisition, a total of six Group IV operating licenses, 108 real estate properties, an ore processing facility, a waste storage facility, as well as machinery, equipment, installations, and fixtures were transferred to Türk Altın.

According to reports from the National Mineral Resources and Reserve Reporting Commission (UMREK), it is estimated that there are approximately 76 thousand 49 ounces of gold and 1.8 million ounces of silver reserves in the acquired fields. With this transaction, Türk Altın's mining license portfolio and precious metal reserve capacity have expanded.

News Source: 12punto