Trafigura Signs Prepay and Offtake Term Sheet With Turkish Miner CVK Maden
CVK Maden Isletmeleri Sanayi ve Ticaret A.S. and Trafigura Pte. Ltd. signed an indicative term sheet on July 21, 2026 covering offtake contracts and a prepayment facility for the miner's existing and new projects, according to a filing to Turkey's Kamuyu Aydinlatma Platformu (KAP), the public disclosure platform.
The named assets are the Sarialan gold operation, the Yenipazar polymetallic mining project and CVK's chrome operations. Alongside prepayment and forward purchase agreements, Trafigura will provide technical support for those three.
The document is framed as a conversion of an existing commercial relationship into a strategic partnership. CVK Maden said the disclosure reflects the parties' current intentions and remains subject to signature of definitive contracts, with detailed terms to be published separately once the contractual processes are complete.
Prepay structures put a trading house balance sheet where a bank syndicate would otherwise sit. The trader advances cash against future metal deliveries, secures physical volume at agreed terms, and takes the counterparty risk that lenders price expensively for mid-cap producers. Trafigura is described in the release as a global commodities company. Applying that template across gold, chrome and a polymetallic development at a single counterparty is unusually broad in scope, since the three commodity streams carry different buyers, pricing references and processing routes.
CVK Maden's own numbers show a company scaling assets faster than earnings. Consolidated revenue was TRY 1.78 billion in 2023, TRY 3.14 billion in 2024 and TRY 3.28 billion in 2025. Net profit moved the other way: TRY 970.4 million in 2024 fell to TRY 110.0 million in 2025, with TRY 77.7 million recorded in the first quarter of 2026.
Total assets rose from TRY 4.78 billion at the end of 2023 to TRY 25.08 billion at the end of March 2026. That expansion has been funded in part through equity. Paid-in capital stood at TRY 42 million at the close of both 2023 and 2024, then rose to TRY 1.4 billion by the end of 2025.
The company completed a rights issue on August 31, 2026, lifting capital to TRY 3.78 billion. Unexercised pre-emptive rights in that issue amounted to TRY 5.96 million.
CVK Maden is headquartered at Kurucesme Mahallesi, Muallimnaci Caddesi No:105B in the Besiktas district of Istanbul. Its shares trade on the BIST Star Market and its independent auditor is RAM Bagimsiz Denetim ve Danismanlik A.S..
For a producer whose asset base has grown roughly fivefold while net income compressed, an offtake-linked prepayment shifts part of the funding question away from reported profitability and toward deliverable tonnage. The trader is underwriting volume, not margin. That distinction is what makes the structure portable: the same mechanism travels wherever a mid-cap miner holds committed production and a limited credit record, from West African gold to South American copper concentrate.
The agreement was reported on July 21, 2026 by Afyon Sondakika, crediting the Hibya Haber Ajansi news agency. Borsatek published its account the same day at 14:06 local time and updated it at 14:28.
No pricing, volume or facility size has been attached to the arrangement at this stage, and the parties have tied disclosure of terms to the completion of definitive documentation.