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ACG is excited to announce the successful closing of its acquisition of the Gediktepe Mine in Türkiye from Lidya Madencilik Sanayi ve Ticaret Anonim Şirketi, a subsidiary of the Istanbul-based conglomerate Çalık Holding. This acquisition, finalized on 5 September 2024, marks a significant milestone in ACG’s strategy to establish itself as a leading copper producer on the London Stock Exchange.
The Gediktepe Mine, an operating open-pit facility located in the Balıkesir Province of Western Türkiye, currently produces gold and silver from oxide ore. Starting in 2026, the mine is expected to transition to primary copper and zinc production. This shift aligns with ACG’s vision to enhance its portfolio with high-growth assets in the copper sector. The development plans for Gediktepe, which have already secured all necessary permits and licenses, target an annual steady-state production of 20-25 thousand tonnes of copper equivalent over an initial 11-year mine life.
The acquisition is a strategic step for ACG as it embarks on a series of roll-up acquisitions aimed at consolidating the copper sector. The completion of this deal establishes ACG as a prominent player in the industry, bolstered by equity commitments from its Co-Sponsors, Traxys, and global commodities giant Glencore. These endorsements reflect strong confidence in ACG's growth strategy and its potential to expand further within the copper market.
Following the acquisition, ACG will undergo a significant transformation. The company will be renamed ACG Metals shortly after the re-admission to the London Stock Exchange. The re-admission is scheduled to occur at 8:00 a.m. (London time) on 5 September 2024, marking the commencement of a new chapter for the company.
Artem Volynets, Chairman and CEO of ACG, expressed his enthusiasm about the acquisition: “We are very pleased to announce the completion of the acquisition of the Gediktepe mine in Türkiye. 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. We are also excited to begin a new strategic partnership with Lidya and Çalık Holding, who share our vision for the long-term development of the mining industry and operational excellence at the Gediktepe site.”
The enlarged ordinary share capital of ACG, following the issuance of new shares and warrants, will stand at 17,489,913. In addition, there will be 7,461,664 Listed Warrants in issue post-re-admission.
