ACG Metals (LSE:ACG) has completed the acquisition of the Gediktepe Mine in Turkey from Lidya Madencilik, a subsidiary of Istanbul-based Çalık Holding in a transaction worth $290 million.
It positions ACG as a high-growth copper mining company on the London Stock Exchange, marking the first step in its plan to expand through further deals.
Located in Balıkesir Province, Gediktepe currently produces gold and silver but will shift to copper and zinc. ACG plans to produce 20-25,000 tonnes of copper equivalent annually over an 11-year mine life starting in 2026.
"This acquisition positions ACG 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," said chairman and CEO Artem Volynets.
"We are also very happy to begin a new strategic partnership today with Lidya and Çalık Holding, who share our vision for the long-term development of the mining industry, and the pursuit of operational excellence at the Gediktepe site."
ACG is paying $100 million in cash and issuing $37 million in shares, giving Lidya a 30% stake in the business. Funding of $145 million has been set aside for the planned sulphide expansion project; while a further $8 million will cover transaction costs and working capital.
The company’s shares and warrants will resume trading on the London Stock Exchange on September 5.