CVK Maden Isletmeleri Sanayi ve Ticaret Anonim Sirketi agreed to acquire 70% stake in Virtus Mining Ltd. from Metallurgium Investment Limited for $160 million.

CVK Maden Isletmeleri Sanayi ve Ticaret Anonim Sirketi (IBSE:CVKMD) agreed to acquire 70% stake in Virtus Mining Ltd. from Metallurgium Investment Limited for $160 million on May 17, 2024. 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. As part of this transaction, CVK Mining Enterprises will ensure the repayment of approximately $40 million in loans previously utilized by Virtus for existing investments at the Yenipazar mine site.

Following the completion of the necessary financing arrangements, CVK Mining Enterprises aims to commence investment activities at the Yenipazar mine site swiftly and systematically.