The Gediktepe mine in Turkey is ACG Metals’ first step to build a mid-tier copper producer. Credit: Çalık Holding
Following the acquisition, the firm will be re-admitted for listing on the London Stock Exchange under the new name ACG Metals. The Gediktepe mine represents the first deal by ACG as part of the firm’s broader strategy to build a sizeable mid-tier copper producer. Initially, it sought to acquire the Santa Rita nickel sulphide and Serrote copper mines from private equity funds advised by Appian Capital, but that deal eventually collapsed.
The purchase of Gediktepe mine was backed by equity commitments from ACG’s co-sponsors, Traxys, and Swiss commodities giant Glencore, which also was among the group of companies backing the failed Appian deal.