ACG’s $220 million Blue Moon deal creates European copper giant
The miner is building a north-south production network, with operations in Türkiye and Norway set to expand output.
ACG Metals, a London-listed company, has announced plans to expand its copper production operations through the acquisition of Blue Moon Metals' Norwegian assets for a total of $220 million. The deal includes a majority stake in the Nussir copper project in northern Norway, which is an underground operation with the capacity to process 2 million tonnes of ore annually, producing copper, gold, and silver by-products. ACG also plans to acquire Gediktepe, a copper mine in Türkiye, adding a second major asset to its portfolio.
The combined operations of Nussir and Gediktepe are expected to result in an annual production exceeding 50,000 tonnes of copper equivalent by 2029. Artem Volynets, ACG's chairman and CEO, sees this acquisition as a transformational transaction that will create a fast-growing European copper champion with industry-leading free cash flow margins.
The purchase of Nussir aligns with the European Union's efforts to reduce dependence on foreign sources of strategic metals, with Nussir being designated a strategic project under the Critical Raw Materials Act.
Despite the numerous opportunities presented by this acquisition, ACG still needs to secure financing to complete the Nussir project and bring Gediktepe to full commercial production. The company is exploring various financing options, including refinancing existing Nordic bonds, to cover the outstanding costs. Upon completion, ACG expects to generate average annual asset-level earnings before interest, taxes, depreciation, and amortization of $370 million between 2029 and 2033, along with $267 million in average annual free cash flow.
Written by urgent.news from Mining.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
