ACG Metals Acquires Construction-Stage Copper Mine in Norway
ACG Metals Ltd ( LSE:ACG , OTC:ACGAF ) announced it has agreed to acquire Blue Moon Norway, adding a construction-stage copper mine with anticipated first concentrate production in the first half of 2028.
The deal, valued at $220 million in all-share acquisition, includes a 94.52% stake in Nussir and other Norwegian development interests. ACG will issue approximately 8.85 million shares at £18.70 each, granting the seller 27.6% of its enlarged ordinary share capital.
Nussir is projected to produce around 18,400 tonnes of copper equivalent annually from 2029 to 2033 on a 100% project basis. ACG aims to fully consolidate ownership within 12 months of completion, while its existing Gediktepe operation in Turkey is poised for full commercial production in Q1 2027.
Artem Volynets, ACG's chief executive, stated, "This is a transformative transaction that establishes a leading European copper champion with industry-leading free cash flow margins. With two cornerstones entering production and significant growth opportunities, we are strategically positioned to supply Europe with copper in a copper-constrained world."
Approximately $126 million of Nussir's initial construction spending is expected to remain upon completion. ACG is exploring funding options for the remaining expenditure, potentially through refinancing existing bonds.
Shareholders representing 80.7% of ACG's issued capital have provided irrevocable support undertakings. Completion is contingent upon shareholder and regulatory approvals, repayment of the Hartree loan, and other conditions, with a closing anticipated by November 30, 2026.