ACG Metals to buy Keskek licence in Turkey to extend gold production

ACG Metals Ltd on Monday said it entered into a binding deal wth Meta Nikel Kobalt Madencilik Sanayi ve Ticaret AS to buy a mining licence.

The British Virgin Islands-based focused on acquiring and consolidating copper assets said it is acquiring mining licence 60926, which contains the Keskek gold project, for an initial USD4 million plus potential contingent payments.

ACG Metals said Keskek provides a new source of oxide ore within 70 kilometres of ACG Metals's Gediktepe mine in Turkey, and is expected to extend the utilisation of the company's heap leach facility by several years.

The licence covers 666 hectares, with ACG Metals noting a potential deferred cash consideration of USD3.9 million at the start of production in mid-2027, bringing the total cash consideration to USD7.9 million.

ACG Metals Chair & Chief Executive Artem Volynets said: "The acquisition of Keskek provides an attractive opportunity to extend our gold production profile by securing a nearby source of gold-bearing oxide ore that can be processed using existing infrastructure at Gediktepe. This will enable ACG to continue primary gold production in addition to production of copper and zinc concentrates from our own sulphide ores via the flotation facility that we are just starting to ramp up.

"The project is a clear example of our disciplined approach to identifying value-accretive growth opportunities that leverage our existing infrastructure and operating capabilities and generate additional cash flow."

ACG Metals shares were flat at 2,040.00 pence each on Monday afternoon in London.

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