ACG Acquisition Co Ltd, a special purpose acquisition company (SPAC) focused on new economy metals mining, has announced a significant reverse takeover deal with Lidya Madencilik Sanayi ve Ticaret Anonim Sirketi, a subsidiary of Istanbul-based conglomerate Calik Holding. The agreement involves the acquisition of the Gediktepe polymetallic mine, located in the Balikesir province of western Turkey.
Currently, Gediktepe produces gold and silver, but it is set to commence copper and zinc production in 2026. ACG Acquisition Co Ltd plans to rebrand as ACG Metals following the transaction, positioning itself as a leading London-listed miner of copper. The company highlights the strategic importance of copper in the long-term energy transition away from fossil fuels.
The $290 million deal comprises $100 million in cash and $37 million in ACG shares, representing 30% of the total value, which will be issued to Lidya. Additionally, $145 million will be allocated to a sulphide expansion project at the Gediktepe mine to facilitate the upcoming copper and zinc production. ACG reports that all funding for the transaction has been secured in principle.
The Gediktepe mine acquisition marks the first step in ACG Metals’ strategy to consolidate copper assets, signaling a new phase of growth for the company in the global mining sector.
