London-listed ACG Metals has agreed to acquire Blue Moon Norway from Canadian miner Blue Moon Metals for $220 million (€196 million) in an all-share transaction, ACG said. The deal gives ACG a 94.52% stake in the construction-stage Nussir copper project in northern Norway and expands the company from its operating base in Türkiye into the Nordic mining sector.
The acquisition also brings interests in the Ulveryggen and Sulitjelma mining districts, adding exposure to copper and zinc development assets. Blue Moon Metals will receive approximately 8.85 million newly issued ACG Metals shares, equal to 27.6% of the enlarged company’s ordinary share capital. ACG expects to increase its ownership of Nussir to 100% within 12 months of completing the transaction.
Completion is expected by November 30, 2026, subject to shareholder and regulatory approvals. ACG said shareholders representing approximately 80.7% of its issued capital had committed to support the resolutions required for the deal.
Nussir targets first output in 2028
Nussir, near Hammerfest, is expected to produce its first copper concentrate in the first half of 2028. The feasibility study identifies 24.98 million tonnes of proven and probable reserves grading 0.81% copper, while measured and indicated resources total 28.72 million tonnes grading 1.02% copper.
ACG’s projections put Nussir’s average production at approximately 18,400 tonnes of copper equivalent annually during 2029–2033. The company projects that combining the mine with its Gediktepe operation in Türkiye would create a production platform targeting more than 50,000 tonnes of copper equivalent annually over the same period.
The plan is to develop an underground mine feeding a conventional flotation processing facility with capacity to treat approximately 2 million tonnes of ore annually. Gold and silver by-products are expected to contribute to the project’s economics. ACG estimates an operating life of approximately 13 years and says the project has further exploration potential along a nine-kilometre mineralised system.
The site has access to existing road infrastructure and an ice-free deep-water port, while a renewable electricity grid connection is planned. Nussir is designated a strategic project under the European Union’s Critical Raw Materials Act, placing it within EU efforts to increase access to strategically important industrial metals. Demand for copper from electricity networks, renewable energy installations, electric vehicles and industrial electrification has raised the strategic importance of European copper resources.
Funding and licence remain key steps
ACG estimates that approximately $84 million (€75 million) of Nussir’s initial construction budget will have been spent by transaction completion, leaving $126 million (€112 million) to finance. It is evaluating financing proposals that could include refinancing existing bonds and using cash generated by its Turkish operations.
Securing construction funding and delivering the processing plant on schedule are central to the 2028 production target. ACG intends to combine construction expertise from Gediktepe with Nussir’s Norwegian engineering and operating teams, retain local employees and expand procurement opportunities.
Nussir’s existing permits remain valid, but its operating licence expires in September 2027 and will need to be renewed or otherwise maintained. Construction financing, continuity of permitting and execution of the underground mine and processing facilities remain project risks.
The Ulveryggen and Sulitjelma interests could provide additional mineral resources for development beyond Nussir. The sale shifts Blue Moon Metals’ operational focus towards critical minerals projects in the United States, while its ACG shareholding leaves it with an indirect economic interest in Norwegian copper production.
ACG’s strategy depends on converting Nussir’s established reserves and construction investment into commercial production and developing a larger copper business to supply European industrial markets. The acquisition adds to the pipeline of European copper projects approaching production, with its progress dependent on financing, construction delivery and successful commissioning in 2028.
