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CoreX Holding, a Netherlands-based firm founded by Turkish-American entrepreneur Robert Yuksel Yildirim, has signed a binding agreement to acquire the Cerro Matoso nickel mine in Colombia from Australia’s South32.
The transaction includes a nominal upfront payment and potential future considerations totaling up to $100 million.
Within the deal, the payment structure includes up to $80 million in contingent payments based on production levels and nickel prices. An additional $20 million will be paid over the next five years, depending on the progress of permitting for the Queresas & Porvenir North project.
South32's decision to divest follows a strategic review prompted by structural changes in the global nickel market. Once completed, CoreX will assume full operational and financial responsibility for Cerro Matoso, including all current and future liabilities.
South32 expects to record a non-cash impairment charge of approximately $130 million related to the sale, which will be reflected as a discontinued operation in its FY2025 financial statements. The transaction is expected to close by the end of 2025, pending regulatory approvals and corporate restructuring.
According to South32 CEO Graham Kerr, the divestment supports the company’s shift toward higher-margin operations in minerals critical to the global energy transition. The sale is intended to boost balance sheet flexibility for growth in copper and zinc assets.
Founded in 2024, CoreX operates across 55 countries with a workforce of over 20,000 and has been actively growing its presence in the global metals market. The company’s recent acquisitions in Côte d'Ivoire, North Macedonia, and Kosovo have strengthened its nickel portfolio. The Cerro Matoso purchase is expected to further consolidate CoreX’s footprint in the sector.
CoreX recently completed the acquisition of Turkish chemical company Polisan, with the transaction amount remaining undisclosed.
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