Turkey copper mine owners are said to hire Goldman for sale

The owners of Turkey’s biggest open-pit copper mine mandated Goldman Sachs Group Inc. to sell the business following a record run for the industrial metal, people with knowledge of the matter said.

Turkish conglomerates Akfen Holding AS, Ilbak Holding AS and Bacaci Yatirim Holding AS are seeking offers for part or all of Acacia Mining Enterprises Inc., which operates the Gokirmak mine in the northern Kastamonu province, the people said. They’re seeking as much as $1 billion for a full sale, some of the people said, asking not to be identified as the process isn’t public.

Goldman Sachs declined to comment. Ilbak, Akfen and Bacaci didn’t respond to requests for comment.

Copper has been on a tear since the middle of last year amid major mine disruptions, booming demand from electrification and a surge in shipments to the US ahead of possible tariffs. Prices topped out above $13,000 a ton earlier this month.

Acacia has about 24 million tons of copper-ore reserves and produces around 120,000 tons of concentrate a year, according to Ilbak’s website. Its exports totaled $265 million in 2024, the Chamber of Industry’s latest data show.

(By Patrick Sykes)