Billionaire ‘King of Chrome’ buys one of the world’s largest nickel mines to stave off Chinese dominance in its trade
Robert Yüksel Yildirim is set to spend 130 million dollars for the Cerro Matoso mine in Colombia.
Turkish billionaire Robert Yüksel Yıldırım (via his newly established firm CoreX Holding) has recently signed an agreement to acquire the Cerro Matoso nickel mine in Colombia from South32.
The primary reasons for this acquisition are strategic and align with his broader vision for the Yildirim Group with a growing demand for nickel which is a critical mineral for the global energy transition, essential for electric vehicle (EV) batteries, renewable energy infrastructure, and various advanced technologies. Yıldırım is making a significant bet on the future demand for these “green” metals.
While the Yildirim Group has a strong base in chrome and ferrochrome, acquiring a nickel mine diversifies their mineral portfolio and positions them in a high-growth sector.
Yıldırım has openly stated his goal is to provide European and US markets with alternatives to Chinese-sourced nickel. He aims to secure Western supply chains for these vital resources, a growing geopolitical concern.
The US wants to get its hands on critical minerals.
— Yahoo Finance (@YahooFinance) March 9, 2025
And while the US produces significant amounts of aluminum, zinc, and magnesium, other critical minerals like cobalt, nickel, and graphite are imported from abroad. China accounts for roughly 60% of global reserves and 85% of… pic.twitter.com/TKRriaZ2dN
The nickel market has faced a downturn due to increased production from Chinese companies in Indonesia. This has led major miners like South32 to offload higher-cost assets, creating an opportunity for CoreX to acquire them at a potentially favorable valuation, with the expectation of a price recovery in the coming years.
‘Chrome King’s’ global expansion
Yıldırım (also known as the ‘Chrome King’) has expressed an ambition to become a top 5 nickel player globally and among the top 50 global mining companies. The acquisition of Cerro Matoso is a significant step towards this goal.
He founded CoreX Holding in 2024 specifically to spearhead this expansion into critical minerals, with plans for a $2 billion investment to acquire nickel assets in various regions, including Colombia, Guatemala, and Africa.
Yıldırım aims to make these newly acquired assets profitable by enhancing operations and focusing on products with higher nickel content.
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