Turkish billionaire Robert Yuksel Yildirim is embarking on an ambitious $2 billion campaign to acquire nickel mines worldwide, positioning his new venture, CoreX Holding, to benefit from a future rebound in nickel prices and to offer Western buyers an alternative to Chinese-dominated supply chains. Yildirim, who previously built his fortune in chrome and shipping through Yildirim Holding, spun off those businesses into CoreX this year and has already invested $500 million in nickel-processing assets, including a majority stake in Compagnie Minière Du Bafing in Ivory Coast and ferronickel plants in North Macedonia and Kosovo. The acquisitions reflect a broader strategy to secure upstream supply amid global market shifts.
Yildirim’s strategy comes as nickel prices hover near multiyear lows, pressured by a surge in Indonesian output led by Chinese companies. He believes that by acquiring higher-cost assets and focusing on products with greater nickel content than Chinese nickel pig iron, he can restore profitability and capitalize on an eventual price recovery within the next two to three years. “We want to come to the nickel market when people are exiting,” Yildirim said, expressing confidence that the market will eventually stabilize and rebound.
With $2 billion earmarked for further deals, Yildirim is currently in talks to acquire six mines in Colombia, Guatemala, and Africa. The goal is to supply nickel to Europe and the U.S., starting with the stainless steel sector—where his chrome business provides a natural crossover—before expanding into battery-grade nickel and potentially other metals such as copper, gold, and zinc. This expansion aligns with Western efforts to reduce reliance on Chinese-controlled supply chains and secure critical mineral resources.
Yildirim’s acquisition drive suffered a setback when CoreX lost out to MMG Limited, a company controlled by China Minmetals, in the bid for Anglo American’s nickel business in Brazil. Despite offering $900 million—well above the $500 million deal value—CoreX was passed over, a decision Yildirim called a “game-changer in nickel history.” Anglo American’s nickel assets included two ferronickel operations and two greenfield projects, and the sale to MMG has further consolidated China’s influence over global nickel supply.
To fund his acquisition spree, Yildirim is engaging with long-term investors, including infrastructure and sovereign wealth funds, private equity, and family offices. As he builds out the CoreX portfolio, he also plans to order new vessels to manage the supply chain from mine to market, aiming to provide a secure, non-Chinese source of nickel for Western manufacturers.
