20th Oct 2026 09:12
(Alliance News) - ACG Metals on Tuesday published the full results of its competent person's report for its Gediktepe mine in western Turkey.
The British Virgin Islands-based company, which focuses on acquiring and consolidating copper assets, said the enriched ore treatment project is expected to add approximately 83,000 tonnes of copper equivalent to the mine's life-of-mine production profile, down from the 84,000 tonnes estimated in September.
In September, ACG said the report put the mine's post-tax net present value at approximately USD1.2 billion, up from USD265 million in the 2024 report.
The report said average annual production was expected to increase by around 60% to 36,000 tonnes of copper equivalent between 2027 and 2031, up from the original target of 20,000 to 25,000 tonnes. The mine is also expected to produce 352,000 tonnes over its initial 11-year life.
ACG said first-half oxide production had already exceeded full-year guidance and revised its 2026 production guidance to approximately 12,000 to 14,000 tonnes of copper equivalent, reflecting a three-month rephasing of sulphide production into 2027 as management follows a measured commissioning schedule.
The company's total ore reserves increased by approximately 43% to 26.5 million tonnes from 18.5 million tonnes from a 2024 CPR.
Shares in ACG Metals were up 0.5% to 1,930.00 pence per share on Tuesday morning in London.
By Niall Holden, Alliance News reporter
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