London-listed ACG Metals has signed a definitive agreement to acquire a 94.52% interest in Norway’s Nussir copper project in a share-based transaction valued at about €197 million, the company said. The deal would add a permitted project in construction-stage development to ACG’s portfolio, which includes the Gediktepe mine in Türkiye, but the acquisition is not complete.
ACG is targeting first copper concentrate from Nussir in the first half of 2028. The transaction is subject to required approvals and is targeted to close by November 30, 2026; until then, ACG will not control the asset.
The acquisition value is consideration for ownership of Blue Moon Norway and will be paid in ACG shares rather than cash. It does not cover the cost of completing the mine.
Construction funding remains outstanding
ACG expects approximately €75 million of initial project capital expenditure to have been spent by closing. About €113 million in construction funding will still be needed to complete development, and the company is evaluating financing proposals.
No completed debt package or fully committed construction-finance facility has been confirmed. Nussir has permits and has entered construction-stage development, leaving financing and execution as principal risks rather than geological definition.
The project has been recognised as a Strategic Project under the EU Critical Raw Materials Act. The designation may improve visibility, permitting coordination and access to potential financing institutions, but it does not provide the remaining €113 million or amount to a signed loan, grant or guarantee.
Production and execution targets
On a 100% ownership basis, Nussir is expected to produce an average of approximately 18,400 tonnes of copper-equivalent annually during 2029–2033. Together with Gediktepe, ACG is targeting group copper-equivalent production of more than 50,000 tonnes per year.
Copper demand is increasing as electricity networks are expanded and reinforced, while renewable generation, batteries, electric vehicles and digital infrastructure add to consumption. European supply remains dependent on imports and internationally traded concentrates, and a Norwegian mine would add upstream supply within the wider European economic area.
Nussir is in Norway, which has established power, transport and industrial infrastructure. Access to relatively low-carbon electricity could matter increasingly as buyers focus more on the emissions intensity of mined and processed metals.
Construction risks include capital-cost inflation, commissioning delays and changes in commodity prices. ACG will need to complete the project within the remaining capital estimate and ramp it toward its planned 2028 production schedule; the construction funding has not yet been secured.
