In a strategic move to bolster its mining portfolio, ACG Acquisition, a London-listed special-purpose acquisition company, has acquired the Gediktepe mine in Turkey for $290 million. The company announced today that it plans to commence copper and zinc production at the site by 2026, as part of an ambitious sulphide expansion project.
Situated in the Balikesir province of western Turkey, the Gediktepe open-pit mine was previously owned by Lidya, a subsidiary of the Istanbul-based conglomerate Calik Holding. The mine, which currently produces gold and silver, is slated for a major transformation. ACG has earmarked $145 million for the sulphide expansion project, which is expected to yield 20,000 to 25,000 tonnes of copper equivalent annually over an initial 11-year mine life. The extraction of copper and zinc will be achieved through flotation methods applied to sulphide ore.
Operational since 2021, the Gediktepe mine produced 35,117 ounces of gold and 367,758 ounces of silver last year, establishing a solid production base for ACG's future endeavors. This acquisition is seen as a cornerstone of ACG’s broader strategy to consolidate its copper assets in anticipation of rising global demand for the metal.
Artem Volynets, chief executive of ACG, emphasized the significance of the Gediktepe acquisition in the company’s long-term plans. “The transition to copper and zinc production at Gediktepe is a pivotal element of our strategy to meet the increasing demand for these essential metals,” Volynets said in a statement.
This move follows a setback for ACG last year when its planned acquisition of two copper and nickel mines in Brazil collapsed due to disagreements over the terms with investors. Despite this, the company remains steadfast in its pursuit of growth in the copper sector.
As the world gears up for a greener future, the demand for copper—a key component in renewable energy technologies and electric vehicles—is set to surge. ACG’s investment in the Gediktepe mine positions the company to capitalize on this trend, reinforcing its role in the global supply chain of critical minerals.
