Growth Move in the Sector by CVK Mining
A Global Scale Acquisition Success
CVK MADEN İŞLETMELERİ SANAYİ VE TİCARET ANONİM ŞİRKETİ has completed one of the largest acquisition processes on a global scale in the mining sector. The company reached an agreement with Metallurgium Investment Limited to acquire 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 featuring mineral resources equivalent to 3.46 million ounces of gold. In accordance with the agreement, a payment of 159 million USD and 33,000 ounces of gold will be made to Metallurgium Investment.
Aldridge holds 100% of the shares of the 9,239-hectare mining area (License No. 72474) located in the Yenipazar district of Yozgat province (Yenipazar Project), which is Turkey's largest and among the world's largest polymetallic mineral deposits. Virtus owns all shares of Aldridge, and with this acquisition, control and management of Aldridge's shares pass to CVK Mining.
Hüseyin ÇEVİK, Chairman of the Board of Directors of CVK Mining, stated:
"With this acquisition, we have successfully completed another significant milestone in line with the 5, 10, and 20-year investment plans and growth targets set by our team. Driven by this vision and mission, grounded in our industry experience, determination, resolve, the strength we derive from our Republic, and the support of our esteemed stakeholders, we are taking firm steps toward our goal of becoming the sector leader."
About the "Yenipazar Polymetallic Mining Project"
The Yenipazar Mining Area owned by Aldridge contains "gold," "silver," "copper," "lead," and "zinc" ores. The Group IV License Area (Registration No: 72474), located in the Yenipazar district of Yozgat province, covers an area of 9,239 hectares. According to the "Resource Report" prepared in 2024 by officials from the National Mineral Resource and Reserve Reporting Committee ("UMREK") for the Yenipazar Mining Area, which is a polymetallic project, the site contains:
- 1,211,084 ounces of Gold,
- 40,017,230 ounces of Silver,
- 123,156 tonnes of Copper,
- 401,833 tonnes of Lead, and
- 585,694 tonnes of Zinc resources.
The total Gold equivalent of the mineral ores specified in the UMREK Resource Report is 3,465,066 ounces, with the current value of the mineral resource estimated at approximately 8 billion US Dollars. The mineral resources stated in the Resource Report are limited to approximately 10% of the license area, derived from exploration conducted within this specific section.