In a strategic effort to enhance its mining portfolio, ACG Acquisition, a London-listed special-purpose acquisition company, has purchased the Gediktepe mine in Turkey for $290 million. The company announced today its plan to begin copper and zinc production at the site by 2026, as part of an ambitious sulphide expansion initiative.
Located in the Balikesir province of western Turkey, the Gediktepe open-pit mine was previously owned by Lidya, a subsidiary of Istanbul-based conglomerate Calik Holding. Currently producing gold and silver, the mine is set for a major overhaul. ACG has allocated $145 million to the sulphide expansion project, which is projected to produce 20,000 to 25,000 tonnes of copper equivalent annually over an initial 11-year mine life. The extraction process will involve 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, providing a solid foundation for ACG’s future projects. This acquisition is viewed as a key component of ACG’s larger strategy to consolidate its copper assets, anticipating a rise in global demand for the metal.
Artem Volynets, ACG’s chief executive, highlighted the importance of the Gediktepe acquisition in the company’s long-term vision. “Transitioning to copper and zinc production at Gediktepe is a crucial part of our strategy to meet the growing demand for these vital metals,” Volynets stated.
This move comes after a setback for ACG last year, when its intended acquisition of two copper and nickel mines in Brazil fell through due to disagreements with investors over the terms. Nevertheless, the company remains committed to expanding its presence in the copper sector.
As the world moves towards a greener future, the demand for copper—a critical component in renewable energy technologies and electric vehicles—is expected to rise significantly. ACG’s investment in the Gediktepe mine positions the company to take advantage of this trend, strengthening its role in the global supply chain for essential minerals.
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