ACG Metals to acquire Keşkek gold project
The copper-focused company aims to use production from Keşkek to extend Gediktepe’s operating life.
ACG Metals has agreed to purchase the Turkish Mining licence that governs the Keşkek gold project for more than $7 million in a deal finalized with Meta Nikel Kobalt Madencilik Sanayi ve Ticaret A.Ş. The Keşkek mine, situated approximately 43 miles from ACG's Gediktepe mine, is projected to supply additional oxide ore for ACG's existing heap-leach facility.
Initially, ACG will shell out $4 million for the license, with a further $3.85 million due in mid-2027 once gold production begins. The company anticipates that Keşkek's gold output will extend the operational lifespan of its Gediktepe gold production by several years. Moreover, ACG foresees that the gold capacity from Keşkek could double their annual copper equivalent production, which currently stands at 20,000 tonnes, potentially reaching 40,000 tonnes.
According to ACG's CEO, Artem Volynets, this acquisition will enable the company to maintain primary gold production while also generating copper and zinc concentrates from their sulfide ores through the flotation facility they are in the process of ramping up. The license covers a 666-hectare area encompassing the Keşkek gold project, located just 70 kilometers from ACG's Gediktepe mine, and already includes the necessary infrastructure for ore transportation.
ACG plans to utilize its heap leach infrastructure to process gold from Keşkek, which has already boosted gold recoveries to around 85%. Recent news released by ACG highlights that the company has already produced its first copper concentrate at Gediktepe mine, signifying a significant step in their transition from precious metals and zinc to copper production.
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