ACG's $220 million Blue Moon deal creates European copper giant
2026-11-04 11:10:03 [Print]
ACG Metals plans to become a major European copper producer through a $220-million acquisition of Blue Moon Metals' Norwegian assets, combining mining operations in the Arctic and southern Türkiye.
The London-listed company said Tuesday it would acquire Blue Moon Norway AS, including a 94.52% stake in the Nussir copper project in northern Norway. The all-share deal would add a second major asset alongside ACG's Gediktepe mine in Türkiye, with combined annual production forecast to exceed 50,000 tonnes of copper equivalent by 2029.
ACG must still secure financing to complete Nussir, bring Gediktepe to full commercial production and successfully ramp up both operations to meet its growth targets.
Nussir, near Hammerfest in Norway's northern Finnmark region, is fully permitted and under construction, with first copper concentrate expected in the first half of 2028.
The underground operation is designed to process about 2 million tonnes of ore annually, producing copper with gold and silver by-products. A feasibility study outlines a 13-year mine life extending to 2041.
The deposit contains measured and indicated resources of 28.72 million tonnes grading 1.02% copper, including proven and probable reserves of 24.98 million tonnes at 0.81% copper. Inferred resources add 31.99 million tonnes grading 1.01% copper.
ACG forecasts average annual production of 18,400 tonnes of copper equivalent between 2029 and 2033 on a 100% ownership basis. Its initial attributable output would be about 17,400 tonnes, although the company aims to acquire the remaining minority interest within 12 months of closing.
The Norwegian portfolio also includes the nearby Ulveryggen deposit and the Sulitjelma copper-zinc district in Nordland, providing additional exploration and development opportunities.
Sulitjelma hosts inferred resources of 17.07 million tonnes grading 1.06% copper and 0.21% zinc. A proposed combination with neighbouring exploration licences could give ACG about 30% of an enlarged development company rather than outright ownership of the existing subsidiary.
Meanwhile, Gediktepe is targeting full commercial production in the first quarter of 2027, followed by an enriched-ore processing project scheduled to begin production in the third quarter.
The London-listed company said Tuesday it would acquire Blue Moon Norway AS, including a 94.52% stake in the Nussir copper project in northern Norway. The all-share deal would add a second major asset alongside ACG's Gediktepe mine in Türkiye, with combined annual production forecast to exceed 50,000 tonnes of copper equivalent by 2029.
ACG must still secure financing to complete Nussir, bring Gediktepe to full commercial production and successfully ramp up both operations to meet its growth targets.
Nussir, near Hammerfest in Norway's northern Finnmark region, is fully permitted and under construction, with first copper concentrate expected in the first half of 2028.
The underground operation is designed to process about 2 million tonnes of ore annually, producing copper with gold and silver by-products. A feasibility study outlines a 13-year mine life extending to 2041.
The deposit contains measured and indicated resources of 28.72 million tonnes grading 1.02% copper, including proven and probable reserves of 24.98 million tonnes at 0.81% copper. Inferred resources add 31.99 million tonnes grading 1.01% copper.
ACG forecasts average annual production of 18,400 tonnes of copper equivalent between 2029 and 2033 on a 100% ownership basis. Its initial attributable output would be about 17,400 tonnes, although the company aims to acquire the remaining minority interest within 12 months of closing.
The Norwegian portfolio also includes the nearby Ulveryggen deposit and the Sulitjelma copper-zinc district in Nordland, providing additional exploration and development opportunities.
Sulitjelma hosts inferred resources of 17.07 million tonnes grading 1.06% copper and 0.21% zinc. A proposed combination with neighbouring exploration licences could give ACG about 30% of an enlarged development company rather than outright ownership of the existing subsidiary.
Meanwhile, Gediktepe is targeting full commercial production in the first quarter of 2027, followed by an enriched-ore processing project scheduled to begin production in the third quarter.
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