Port Madencilik Ticaret (Port Mining Trade AS) submitted the highest tender bid at TL 2.20 billion ($149.84 million) for the development of Turkey's largest copper mine on Thursday.

The company will establish a facility for the production of end and by-products at the copper mine located within the provinces of Elaziğ and Adıyaman, in the eastern Anatolia region.

In a closed bid, Çelikler Taahhüt Inşaat ve Sanayi Inc., a steel construction company, was also a contender but lost out during the ensuing auction bid.

Under the auction rules, the company will either expand the existing manufacturing end-product facility or establish a new facility within three years, 11 months and 28 days.

It also stipulated that at least 66% of local equipment will be used for production at the facility.