3rd Nov 2026 15:52
(Alliance News) - ACG Metals Ltd on Tuesday announced it has agreed to acquire 100% of Blue Moon Norway AS from Blue Moon Metals Inc.
The British Virgin Islands-based company, which focuses on acquiring and consolidating copper assets, shares soared 16% to 1,650.00 on Tuesday afternoon in London.
ACG said the acquisition is worth USD220 million in shares priced at GBP18.70 each. It said 8.9 million shares will be issued to Blue Moon, representing about 28% of ACG's enlarged issued ordinary share capital and 22% on a fully diluted basis.
The acquisition includes Blue Moon Metals' 95% interest in the construction-stage Nussir copper mine in Norway, as well as other Norwegian development interests, which would represent attributable production of around 17,400 tonnes annually ACG said.
ACG said Nussir is expected to average about 18,400 tonnes of copper-equivalent production per year between 2029 and 2033.
The acquisition will combine Nussir with ACG's Gediktepe mine in Turkey, which is targeting full commercial production in the first quarter of 2027. Nussir is targeting first copper concentrate in the first half of 2028.
The enlarged group is expected to generate average annual earnings before interest, tax, depreciation and amortisation of around USD370 million and free cash flow of USD267 million between 2029 and 2033.
Completion is subject to shareholder approval and regulatory clearances, among other conditions. ACG expects the deal to complete by November 30.
ACG Chair and Chief Executive Officer Artem Volynets said: "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."
By Niall Holden, Alliance News reporter
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