15th Jul 2025 13:09
(Alliance News) - ACG Metals Ltd on Tuesday boosted half-year output guidance after "strong operational improvements" in line with cost and schedule planning.
The British Virgin Islands-based mining firm sells itself as "focused on consolidation of the copper sector".
ACG has raised the target for copper production in first six months of 2025. It is now aiming for between 36,000 and 38,000 ounces of gold equivalent, up from previous guidance which ranged between 30,000 and 33,000.
The firm said its Gediktepe mine in Turkey increased production by 3% from the previous year. Half-year gold equivalent sales are estimated at 23,021 thousand ounces for copper, 356,263 ounces for silver and 19,162 ounces for gold.
Construction is advancing on a sulphide expansion project at Gediktepe. ACG expects preparations to speed up in the second half, on track for the project to go into commission in the first quarter of 2026.
All-in sustaining costs fell by an estimated 13% to USD1.060 per ounce from USD1,218 per ounce in the first half of 2024. Realised gold price rose 37% to USD2,950 per ounce.
After the half-year end, ACG repaid the first coupon on a USD2 million bond due 2029, and noted it had repaid all outstanding sponsor loans. The firm's net debt was USD66 million at July 13, with a cash balance of USD133 million.
ACG noted that its gold hedging strategy "did not significantly affect realised prices but continued to provide effective downside protection while preserving exposure to upside in the gold price".
The firm's shares were 2.7% higher at 603.15 pence on Tuesday afternoon in London, for a market capitalisation of GBP131.4 million.
By Holly Munks, Alliance News reporter
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