The Gediktepe mine “marks the start of ACG’s international copper consolidation technique. The corporate is actively engaged in discussions with a number of additional targets,” the clean examine – or particular goal acquisition firm (SPAC) – mentioned.
SPACs are shell corporations that elevate cash through an preliminary public providing (IPO) and later merge with a non-public firm, taking it public.
The Calik subsidiary will get a 30% stake in ACG and $100 million in money.
In September, ACG’s $1 billion deal to purchase a nickel mine and a copper mine in Brazil was terminated when backers of the transaction, together with a number one international miner and prime automakers, tried to revise it.
This time, ACG mentioned it had acquired commitments for 100% of the required funding for the deal and the mine enlargement. The mine produced 34,000 troy ounces of gold and 361,000 ounces of silver in 2023.
The supply of the funds consists of $135 million in debt and fairness from an unidentified mining non-public fairness fund, debt and fairness of as much as $25 million from metals dealer Traxys, and fairness of $60 million from ACG’s co-sponsors and an unidentified European household workplace.
ACG expects the acquisition to finish earlier than Aug. 31.
(By Polina Devitt; Modifying by Mark Potter)