CVK Mining Continues Its Global-Scale Company Acquisitions
CVK MADEN İŞLETMELERİ SANAYİ VE TİCARET ANONİM ŞİRKETİ has successfully completed another major acquisition process on a global scale in the mining sector.
Having announced last month the acquisition of 70% of the shares of Netherlands-based Virtus Mining Ltd.—the sole shareholder of Aldridge Mineral Madencilik A.Ş., which holds the license for the Yenipazar Polymetallic Mining Project located in the Yenipazar district of Yozgat province, covering a license area of 9,239 hectares with mineral resources equivalent to 3.46 million ounces of gold, one of the world's largest polymetallic mining sites—CVK Mining continues its growth momentum in the sector.
CVK Mining has reached an agreement with shareholders Pilot Investment Inc. and Teck Madencilik San. Tic. A.Ş. to acquire 100% of the shares of Orta Truva Madencilik San. Tic. A.Ş., the owner of the mining sites under the project known in the mining sector as the "TV Tower Project," located in Çanakkale province, covering a license area of 8,625.88 hectares with mineral resources equivalent to 4.58 million ounces of gold.
Orta Truva Madencilik San. Tic. A.Ş., owner of the "TV Tower Project," is a joint venture between Pilot Investment Inc. and Teck Madencilik San. Tic. A.Ş., which are Turkish subsidiaries of globally operating Liberty Gold and Teck Resources Limited. Liberty Gold is a Canada-headquartered gold exploration and development company operating in the Great Basin region of the United States. Teck Resources Limited is a globally operating Canadian mining company headquartered in Vancouver, British Columbia.
In accordance with the agreement, a total payment of 11.5 million USD will be made to Pilot Investment Inc. and Teck Madencilik San. Tic. A.Ş.
Evaluating the acquisition transaction, Hüseyin ÇEVİK, Chairman of the Board of Directors of CVK Mining, stated:
"In a sector as challenging and intensely competitive as mining, executing two major company acquisition transactions of significant importance within a short period of just one month is a highly remarkable achievement for both our Company and our country's mining sector. By acquiring two major companies from foreign-based, global-scale mining firms along with their vast license areas, we have seized the opportunity to expand our license portfolio and increase our growth potential on one hand, while endeavoring to develop our country's valuable mining sites using domestic capabilities as they ought to be, on the other. We continue our investments with the goal of transforming into a global mining company over the next 5 years. Guided by this vision, empowered by our Republic, and supported by you, our esteemed stakeholders, we are advancing with firm steps toward our goal of becoming the industry leader."
About the "TV Tower Project"
According to the Resource Estimation Report coded UMREK2023 dated May 15, 2024, for the TV Tower Project Area belonging to Orta Truva Madencilik San. ve Tic. A.Ş., the site contains:
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2.23 million ounces of Gold,
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36.3 million ounces of Silver,
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764.94 million pounds of Copper resources.
The total Gold equivalent of the mineral ores specified in this Resource Estimation Report is 4.58 million ounces, with the current value of the mineral resource estimated at approximately 10.88 billion US Dollars.
The mineral resources specified in the Resource Estimation Report were derived from exploration activities conducted in approximately 10% of Orta Truva's license areas.