Anglo Asian Mining rises on potential ACG Metals takeover bid
Anglo Asian Mining PLC shares jumped on Thursday after ACG Metals Ltd lsaid it is ‘considering making an offer’ for the Azerbaijan-focused firm.
ACG Metals is based in Tortola, Virgin Islands, with mining projects in Turkey, and describes itself as ‘focused on the consolidation of the copper industry’.
Gold, copper and silver producer Anglo-Asian was suspended from trading on Wednesday, when ACG Metals disclosed that it was ‘in the early stages’ of mulling a takeover bid. It has not made a firm offer for Anglo Asian, but has until December 24 to do so.
Following restoration to trading on Thursday morning, Anglo Asian called attention to the announcement from ACG Metals.
Anglo Asian shares were up 18% to 226.75 pence on Thursday afternoon in London, having more than doubled over the past 12 months. ACG Metals were down 1.8% at 1,080.00p per share. They are up from just 5.10p a year ago.
‘During 2025, Anglo Asian has brought into production two new mines, Gilar and Demirli, on time and on budget, reinforcing the company’s long-term track record in the country. The board remains wholly focused on continuing to develop Anglo Asian’s extensive resource base of over 400,000 ounces of gold and one million tonnes of copper,’ Anglo Asian said.
The company noted plans ‘to transition to a mid-tier, multi asset low-cost copper-focused producer’ and to bring two more sites, Xarxar and Garadag, into production.
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