ACG Metals Ltd (LSE:ACG, OTC:ACGAF) announced it has agreed the $220 million all-share acquisition of Blue Moon Norway, adding a construction-stage copper mine targeting first concentrate production in the first half of 2028.
The deal with Blue Moon Metals includes a 94.52% stake in Nussir and other Norwegian development interests. ACG will issue approximately 8.85 million shares at £18.70 each, giving the seller 27.6% of its enlarged ordinary share capital.
Nussir is expected to produce approximately 18,400 tonnes of copper equivalent annually during 2029–2033 on a 100% project basis. ACG expects to consolidate ownership to 100% within 12 months of completion, while its existing Gediktepe operation in Türkiye targets full commercial production in the first quarter of 2027.
ACG chief executive Artem Volynets commented: “[It] is a transformational transaction that creates a fast-growing European copper champion with industry-leading free cash flow margins. This is a solid foundation for leadership in a copper-constrained world.
“Two cornerstone assets that are just entering production, significant brownfield and greenfield growth opportunities across a well-diversified portfolio in two of the best mining jurisdictions, strategically positioned to supply Europe with copper.”
Around US$126 million of Nussir’s initial construction spending is expected to remain at completion. ACG is assessing proposals to fund the remaining expenditure, potentially including refinancing its existing bonds.
Shareholders representing approximately 80.7% of ACG’s issued capital have provided irrevocable support undertakings. Completion remains subject to shareholder and regulatory approvals, repayment of the Hartree loan and other conditions, with closing anticipated by 30 November 2026.
