London mining company with Canadian connections is planning copper mine acquisitions after sealing Turkish deal

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ACG Metals chairman and chief executive Artem Volynets announced a US$290-million investment in the Gediktepe mine in western Turkey

A Russian-British mining executive has launched an attempt to build an international copper-mining portfolio with the purchase of a Turkish mine and will soon set his sights on Canada.

He said he will initially concentrate on buying single, privately owned mines with the goal of producing 200,000 to 300,000 tonnes ofThe metal is considered critical for the battery and electric-vehicle revolution. A typical EV requires some 80 kilograms of copper, about four times more than a regular car. Copper is such a hot commodity that some of the world’s biggest mining companies have launched hostile bids for producers with heavy exposure to the metal.

In 2022, ACG, the London Stock Exchange’s only mining SPAC – special purpose acquisition company – joined the market through a US$122-million initial public offering. SPACs, also known as blank-cheque companies, are formed to merge with, or buy, private companies. These vehicles have been far more popular in the United States than in Europe.

ACG has a Canadian connection. Among Mr. Volynets’s advisers is Robert Friedland, the American-Canadian executive co-chairman of Vancouver’s Ivanhoe Mines, one of the world’s biggest producers of copper, nickel and zinc. Another Canadian adviser is Warren Gilman, the CEO of Queen’s Road Capital of Hong Kong, a financier to the global resources industry.

 

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