London-listed ACG Acquisition has announced the purchase of the Gediktepe mine in Turkey for $290 million, with plans to begin producing copper and zinc by 2026 as part of a sulphide expansion project. This acquisition marks a significant step for the special-purpose acquisition company as it expands its mining portfolio.
Located in the Balikesir province of western Turkey, the Gediktepe open-pit mine was initially acquired from Lidya, a subsidiary of the Istanbul-based conglomerate Calik Holding. While the mine currently produces gold and silver, ACG aims to shift focus to copper and zinc through a fully funded $145 million sulphide expansion project. The company projects an annual output of 20,000 to 25,000 tonnes of copper equivalent over the mine’s initial 11-year lifespan. Copper and zinc concentrates will be extracted from sulphide ore using flotation methods.
The Gediktepe mine, which commenced operations in 2021, yielded 35,117 ounces of gold and 367,758 ounces of silver last year. This existing production capacity provides a robust foundation for ACG's broader strategy to consolidate copper assets in response to increasing demand for the metal.
ACG’s chief executive, Artem Volynets, highlighted the strategic importance of the acquisition, noting that the Gediktepe mine will play a crucial role in the company’s expansion plans. The announcement follows a setback last year when ACG’s attempt to acquire two copper and nickel mines in Brazil fell through due to unresolved terms with investors.
As ACG moves forward with its sulphide expansion at Gediktepe, the company is poised to enhance its position in the global copper market, capitalizing on the rising demand for the metal essential to various industries.
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