MHS Madencilik

What MHS Madencilik does

MHS Madencilik (legal entity: MHS Dış Ticaret Anonim Şirketi) is a privately-held Turkish chrome ore mining and export company headquartered in Istanbul, with mining operations concentrated in Adıyaman in southeastern Turkey. Founded in Q4 2013 with 501-1,000 employees, the company evolved from a metallic ore trading firm into one of Turkey's largest chrome ore exporters within three years of establishment, and subsequently vertically integrated upstream by acquiring its first mining license in Adıyaman in 2017 and commencing underground production in 2019. The company mines lump and concentrated chrome ore at a 40-48% Cr2O3 grade from 12 underground mines within a 2,553.37-hectare license area, using a semi-mechanized cut-and-fill (undergrid) production method supported by 21,000 meters of core drilling completed by December 2023 (15,000m surface plus 6,000m underground).

The company owns and operates five Turkish port facilities in Bursa, Mersin, Antalya, Izmir, and Trabzon for storage and direct export of chrome ore to international buyers, with all loading operations inspected by internationally recognized third-party inspection firms. Its commercial model spans three streams: (1) production and sale of own-mine chrome ore, (2) trading of chrome ore sourced from selected domestic and foreign producers to control quality and ensure volume continuity, and (3) mining consultancy and M&A advisory services positioning the firm as a bridge for foreign investors entering Turkish mining. MHS has acted as project manager and managing partner in major cross-border transactions, including guiding China's largest stainless steel producer in acquiring chrome mining permits in Turkey — described as the largest Chinese state-led investment in Turkey — and advising one of the world's largest investment funds on chrome license purchases.

The company's go-to-market is direct B2B export with no resellers or distributors; pricing is commodity-linked, quote-based, and not publicly disclosed. Revenue mechanics combine one-time commodity sales, transaction-fee margins on third-party ore trading, and professional services fees for advisory mandates. Chrome pricing follows global commodity benchmarks (not disclosed publicly), and customer relationships are sustained through dedicated logistics and country-specific requirement studies for each buyer jurisdiction. The chairman of the board is Merve Harzadın Nazikoğlu; no external institutional investors or parent company ownership are disclosed in available data.

Name

MHS Madencilik

Legal name

MHS Dış Ticaret Anonim Şirketi

Website

https://mhsmining.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MHS Madencilik is a privately-held Turkish chrome ore mining and export company headquartered in Istanbul, operating 12 underground mines in Adıyaman and managing five Turkish port facilities to serve international stainless steel producers, smelters, and chrome ore buyers worldwide.

Ownership category

akta.pro rank

Headquarters

HQ city

Istanbul

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Chrome Ore Production and Sales: Mining and sale of chrome ore (lump and concentrated). The company produces chrome ore from its own mines and also purchases from carefully selected domestic and foreign producers to control quality and ensure sustainability.
2. Ore Trading: Trading of chrome ore produced by other manufacturers. The company purchases ore from carefully selected domestic and foreign producers to better control product quality and achieve sustainability, then exports through its port facilities.
3. Mining Consultancy Services: Provides consultancy services including asset sales, share sales and mergers & acquisitions to mining companies. Acts as a bridge between foreign investors who want to participate in the Turkish economy.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

MHS Madencilik mines and trades chrome ore (lump and concentrated) from its 12 underground mines in Adıyaman Tut, Turkey, and exports it internationally through five company-managed port facilities (Bursa, Mersin, Antalya, Izmir, Trabzon). The company supplements its own production by purchasing ore from carefully selected domestic and foreign producers to control quality, and also provides mining consultancy services including asset sales, share sales, and M&A advisory to foreign investors interested in the Turkish mining sector.

Product overview

MHS Madencilik is a chrome ore mining and trading company offering a portfolio of products and services centered on chrome ore production and export. The core offering comprises lump and concentrated chrome ore mined from 12 underground operations in Adıyaman, supported by integrated logistics and export services through five Turkish ports (Bursa, Mersin, Antalya, Izmir, Trabzon). Additionally, the company provides mining consultancy services including M&A advisory, asset sales, and share sales for the sector. The products and services form a vertical integration from mining operations through to international market access.

Differentiator

Problem solved

Functional benefit

Products and services

• Chrome Ore (Lump and Concentrated) Mines and trades lump and concentrated chrome ore (Cr2O3 grade 40-48%) from its 12 underground mines in Adıyaman Tut, with production transported to the Mersin Export Warehouse for international sales to stainless steel producers and smelting companies.
• Underground Mining Operations Underground chrome mining operations using semi-mechanized cut-and-fill methods across a 2,553.37 hectare licensed area in Adıyaman, Turkey, with 21,000 meters of core drilling completed by December 2023 proving long-term reserves.
• Logistics and Export Services Management of port operations and storage of chrome ore in company-owned warehouses at Bursa, Mersin, Antalya, Izmir and Trabzon ports, with loading operations inspected by internationally renowned inspection companies for quality assurance.
• Mining Consultancy Services Advisory services including asset sales, share sales, and mergers & acquisitions for mining companies, acting as a bridge between foreign investors and Turkish mining opportunities.

Quantifiable outcome

• Chrome ore with 40-48% Cr2O3 grade produced and exported
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered major and core.

• China's Largest Stainless Steel ProducermajorOthersMHS acted as project manager guiding this major Chinese stainless steel producer in acquiring several chrome ore mining permits in Turkey. This acquisition became the largest Chinese state-led investment in Turkey. MHS played a significant role throughout the transaction process.
• One of the World's Largest Investment FundsmajorOthersMHS played a crucial role in the purchase of chrome licenses in Turkey made by one of the world's largest funds. MHS took part as managing partner in the transaction.
• International Inspection CompaniescoreOthersAll loading operations are inspected, analyzed and reported by internationally renowned inspection companies to ensure error-free delivery to customers. These partnerships provide quality assurance and third-party verification of shipments.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Glencore: Glencore is the world's largest diversified commodity trader and miner with significant chrome ore trading and ferrochrome operations in South Africa. Overlaps with MHS in chrome ore trading flows but competes from a much broader portfolio.
• Vedanta Limited: Vedanta is a major Indian diversified miner with iron ore, aluminium, and chrome exposures through its subsidiaries. Broad incumbent in metals and mining space, partially overlapping with MHS's chrome and M&A advisory activities.

Direct peers

• Tharisa plc: Tharisa is a South African integrated producer of PGM and chrome concentrates, with mining, processing, and logistics. Comparable mid-sized producer with vertical integration and commodity export model similar to MHS.
• Merafe Resources: Merafe Resources is a South African chrome ore and ferrochrome producer partnered with Glencore. Comparable as a chrome-only focused miner selling concentrates into international markets.
• Kazchrome (ERG): Kazchrome, part of Eurasian Resources Group, is the largest chrome producer in Kazakhstan and among the top globally, with mining, beneficiation, and ferrochrome smelting. Directly comparable vertically integrated chrome producer competing for the same international offtake markets.
• Samancor Chrome: Samancor is the world's largest integrated chrome mining and ferrochrome producer, based in South Africa. Closest global benchmark for a chrome-ore miner with export-oriented operations and downstream processing exposure.
• Hernic Ferrochrome: Hernic is a South African integrated chrome mining and ferrochrome smelting operation, exporting to stainless steel producers globally. Directly comparable as a vertically integrated chrome exporter competing in the same offtake markets.
• Yıldırım Holding (Eti Krom): Yıldırım Holding owns Eti Krom, one of the largest integrated chrome and ferrochrome producers in Turkey with mining operations and export infrastructure. Most directly comparable peer given shared Turkish chrome mining footprint and export orientation.
• Tata Steel Mining (formerly Rohit Ferro-Tech): Tata Steel Mining operates chrome mines and processing facilities in India and abroad, supplying the Tata Group's stainless steel value chain. Comparable as an integrated chrome miner with both captive offtake and third-party sales.

Others

• Tsingshan Holding Group: Tsingshan is the world's largest stainless steel producer and a major buyer of chrome ore globally, including from Turkey. Not a direct competitor but a key downstream customer archetype that MHS targets through its export gateway model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCPLySvCTfKd86q2kH3QO2sA
• LinkedInlinkedin.com/company/mhs-dis-ticaret-a-s

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MHS Madencilik