Turkish tycoon Yildirim launches $2B nickel push to challenge China’s grip

Turkish billionaire Robert Yuksel Yildirim is setting his sights on a $2 billion spree of nickel acquisitions, aiming to carve out a major role in the global battery metals supply chain and offer a Western-backed alternative to China’s dominance in the sector.

Having built his fortune in chrome and shipping under the Yildirim Holding empire, Yildirim has recently restructured his portfolio, spinning off key assets into a new venture—CoreX Holding. This new entity, already equipped with nickel-processing facilities, is betting big that the current low prices for nickel are a temporary dip.

“Now is the time to enter,” said Yildirim, speaking from his Istanbul headquarters. “We’re stepping in while others are stepping out. The market will stabilize—maybe in two or three years—and when it does, we’ll be positioned to lead.”

Nickel prices have slumped to multi-year lows, primarily due to surging supply from Chinese firms operating in Indonesia. 

That glut has triggered a wave of selloffs from higher-cost producers, many of whom are struggling to compete. Yildirim, however, believes these distressed assets can be turned around through operational improvements and a focus on higher-grade nickel products that outperform China’s cheaper nickel pig iron.

So far, he’s invested around $500 million into the effort. That includes CoreX’s inaugural acquisition: a majority stake in Compagnie Minière Du Bafing SA, a nickel operation in Ivory Coast, along with ferronickel plants in North Macedonia and Kosovo, previously held by Yildirim Holding. 

CoreX also holds ferroalloy plants in Sweden and Russia, chrome and chemicals facilities in the U.S., and mining operations in Kazakhstan.

Yildirim has ambitious plans to deploy an additional $2 billion across a slate of new deals. He confirmed he’s in discussions to acquire six mines in Colombia, Guatemala, and several African nations, though declined to disclose further details. 

To support the integrated supply chain vision, CoreX also plans to commission a fleet of newbuild cargo vessels to ship nickel from mines to global buyers.

The long-term strategy is clear: offer customers in Europe and the United States a viable, independent source of nickel, initially focused on stainless steel production before expanding into battery-grade nickel and eventually other critical minerals like copper, zinc, and gold.

China currently dominates the global market for many of these resources, not only through its domestic output but also via aggressive investments abroad. Western governments, increasingly alarmed by supply chain vulnerabilities, are prioritizing efforts to diversify away from Chinese-controlled sources.

To finance the expansion, Yildirim is courting long-term capital from sovereign wealth funds, infrastructure investors, private equity, and family offices.

“I’m not young, and I don’t have time to waste,” said the 65-year-old industrialist. “I’m only interested in mid- to large-scale projects that can make an immediate impact.”

Despite strong momentum, CoreX suffered a blow earlier this year when it lost a high-profile bidding war for Anglo American Plc’s nickel assets in Brazil. Yildirim claims his $900 million bid—backed by UBS—was higher than the accepted offer but was ultimately passed over in favor of China-backed MMG, a global player controlled by China Minmetals Corp.

Calling the loss a “game-changer in nickel history,” Yildirim criticized Anglo for enabling what he views as another strategic win for China in a sector increasingly tied to national security.

“China has seized an incredibly important asset,” he said. “And Anglo just let it happen.”

While the setback stung, Yildirim remains undeterred. He’s betting big on a nickel rebound—and on CoreX’s potential to become a leading force in reshaping the future of global metal supply chains.