CVK Mining Agrees with Metso Finland Oy for Basic Engineering Services Regarding the Yenipazar Polymetallic Mine Project
In line with its long-term investment plans and growth targets, our company, CVK Maden İşletmeleri San. ve Tic. A.Ş., continues its investments in the mining sector without slowing down.
An agreement regarding "Current State Analysis and Extended Basic Engineering Services" has been signed between CVK Mining and foreign-based Metso Finland Oy for the production activities planned to be carried out at the Yenipazar Polymetallic Mine Project ("Yenipazar Project"), owned by Aldridge Mineral Madencilik A.Ş., a subsidiary of Virtus Mining Ltd., which was acquired by CVK Mining last year. Through the "Extended Basic Engineering Work," it is aimed to optimize metallurgical processes and prepare the project for plant investments.
Following the completion of the overseas share transfer processes of Virtus Mining Ltd., CVK Mining decided to support the land payments required to be paid in 2025 for the setup of the job site and initiation of investments for the Yenipazar Project. The company has demonstrated its commitment to the project by executing significant land and loan payments since the beginning of the year. Conducting various negotiations for the project's financing, CVK Mining aims to accelerate the project, driven by the recent surge in gold and silver prices. In this context, an investment of approximately 240 million USD is planned for the Yenipazar Project during the 2025–2027 period.
Hosting 5 different mineral types (Gold, Silver, Copper, Lead, Zinc) within the same license area, the Yenipazar Project stands as Turkey's sole and largest, and one of the world's few, polymetallic mining sites. According to the "Resource Report" prepared in 2024 by authorities from the National Mine Resources and Reserves Reporting Committee ("UMREK"), the Yenipazar Project—which has a counterpart in Spain—contains resources of:
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1,211,084 ounces of Gold,
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40,017,230 ounces of Silver,
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123,156 tonnes of Copper,
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401,833 tonnes of Lead, and
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585,694 tonnes of Zinc.
The total Gold equivalent of the mineral ores specified in this Resource Report is 3,465,066 ounces.
Respectfully announced to the public.
Sincerely,