ACG completes acquisition of Gediktepe mine in Türkiye

Copper-focused shell company ACG announced this week the completion of its proposed acquisition of the Gediktepe mine in Türkiye.

Following the acquisition, the firm will be re-admitted for listing on the London Stock Exchange under the new name ACG Metals.

In July, ACG made its first move to acquire the polymetallic mine located in Balikesir province from Lidya Madencilik, a subsidiary of Istanbul-based conglomerate Çalık Holding, in a deal worth $290 million. The deal was structured to give Çalık a 30% stake in ACG, making it a key strategic partner in the asset.

The Gediktepe mine represents the first deal by ACG as part of the firm’s broader strategy to build a sizeable mid-tier copper producer. Initially, it sought to acquire the Santa Rita nickel sulphide and Serrote copper mines from private equity funds advised by Appian Capital, but that deal eventually collapsed.

“This acquisition positions ACG Metals as a premier copper producer on the London Stock Exchange and provides us with an excellent platform for the further consolidation of copper assets globally, as demand for the metal continues to rise,” Artem Volynets, CEO of ACG, said in a news release.

The purchase of Gediktepe mine was backed by equity commitments from ACG’s co-sponsors, Traxys, and Swiss commodities giant Glencore, which also was among the group of companies backing the failed Appian deal.

Gediktepe is currently producing gold and silver from oxide ore, but is expected to transition to primary copper and zinc production from 2026 following the completion of a fully permitted sulphide expansion project. The expansion is targeting annual production of 20,000-25,000 tonnes of copper over an initial 11-year mine life.

“This is only the beginning. If we execute on and complete one-third of our top ten deals, we should be in a 200,000-300,000 tonnes per year capacity range in three to five years,” Volynets told Fastmarkets in an interview earlier this year.