In July, ACG made its first transfer to accumulate the polymetallic mine positioned in Balikesir province from Lidya Madencilik, a subsidiary of Istanbul-based conglomerate Çalık Holding, in a deal price $290 million. The deal was structured to provide Çalık a 30% stake in ACG, making it a key strategic associate within the asset.
The Gediktepe mine represents the primary deal by ACG as a part of the agency’s broader technique to construct a sizeable mid-tier copper producer. Initially, it sought to accumulate the Santa Rita nickel sulphide and Serrote copper mines from non-public fairness funds suggested by Appian Capital, however that deal ultimately collapsed.
“This acquisition positions ACG Metals as a premier copper producer on the London Inventory Change and offers us with an glorious platform for the additional consolidation of copper belongings globally, as demand for the steel continues to rise,” Artem Volynets, CEO of ACG, mentioned in a information launch.
The acquisition of Gediktepe mine was backed by fairness commitments from ACG’s co-sponsors, Traxys, and Swiss commodities large Glencore, which additionally was among the many group of corporations backing the failed Appian deal.
Gediktepe is at present producing gold and silver from oxide ore, however is anticipated to transition to main copper and zinc manufacturing from 2026 following the completion of a totally permitted sulphide enlargement mission. The enlargement is concentrating on annual manufacturing of 20,000-25,000 tonnes of copper over an preliminary 11-year mine life.
“That is solely the start. If we execute on and full one-third of our prime ten offers, we needs to be in a 200,000-300,000 tonnes per yr capability vary in three to 5 years,” Volynets instructed Fastmarkets in an interview earlier this yr.