CVK Mining Enterprises announced that it has reached an agreement with Metallurgium Investment Limited to acquire 70% of the shares of Virtus Mining Ltd., a Netherlands-based company that wholly owns Aldridge Mineral Madencilik AŞ in Turkey.
Payment Details
The acquisition price is USD 159 million. Additionally, upon the commencement of production activities at the Yenipazar Polymetallic Mine Project, Aldridge will pay Metallurgium a 3% NSR (Net Smelter Return) royalty and gold payments equivalent to 10,000 ounces annually for the years 2031, 2032, and 2033, and 3,000 ounces for the year 2034, totaling 33,000 ounces.
Characteristics of the Mining Site
As part of this transaction, CVK Mining Enterprises will ensure the repayment of approximately USD 40 million in loans previously utilized by Virtus for existing investments at the Yenipazar mine site. According to the company, Aldridge, which owns the 9,239-hectare mining site located in the Yenipazar region of Yozgat province under license number 72474, holds one of Turkey’s largest and the world’s significant polymetallic mineral deposits. With this acquisition, the control and management of all Aldridge shares will transfer to CVK Mining Enterprises.
Mineral Resources
The Yenipazar mine site, a polymetallic project, contains deposits of gold, silver, copper, lead, and zinc. According to the “Resource Report” prepared by officials from the National Mineral Resource and Reserve Reporting Commission (UMREK) in 2024, the site holds resources of 1,211,084 ounces of gold, 40,017,230 ounces of silver, 123,156 tons of copper, 401,833 tons of lead, and 585,694 tons of zinc. The total gold equivalent of these mineral resources is estimated to be 3,465,066 ounces. This estimation is based on exploration conducted on approximately 10% of the licensed area.
Chairman’s Statements
Mr. Hüseyin Çevik, Chairman of the Board of CVK Mining, made the following statement regarding the acquisition: “With this acquisition, we have successfully completed another significant milestone in line with the 5, 10, and 20-year investment plans and growth objectives that our team established during my tenure. Guided by this vision and mission, and bolstered by our experience, determination, resolve, the strength derived from our Republic, and the support of our valued stakeholders, we are making steady strides toward our goal of becoming the leader in the industry.”
Future Plans
Following the completion of the necessary financing arrangements, CVK Mining Enterprises aims to commence investment activities at the Yenipazar mine site swiftly and systematically.
