ACG buys nearby gold prospect to feed Gediktepe plant in Türkiye
London-listed ACG Metals has entered into a binding agreement with Turkish nickel/cobalt processor Meta Nikel Kobalt Madencilik Sanayi ve Ticaret to acquire 100% ownership of mining licence 60926, including the Keşkek gold project, for $4-million in cash and potential contingent payments of $3.85-million at start of production in mid-2027.
Keşkek provides a new source of oxide ore within 70 km of ACG's Gediktepe mine in Türkiye and is expected to extend the utilisation of the company's heap leach facility by several years.
The licence being acquired covers 666 ha, which ACG's technical team estimates to contain a mineral resource of 1.5-million tonnes grading 0.65 g/t gold.
"The acquisition of Keşkek provides an attractive opportunity to extend our gold production profile by securing a nearby source of gold-bearing oxide ore that can be processed using existing infrastructure at Gediktepe. This will enable ACG to continue primary gold production in addition to production of copper and zinc concentrates from our own sulphide ores via the flotation facility that we are just starting to ramp up," says ACG chairperson and CEO Artem Volynets.
The seller, Meta Nikel, will receive a 1% gross revenue royalty on gold mined from the licence area and ACG will also pay $60/oz for additional gold discovered and converted to ore reserves outside the defined Keşkek pit.
The total project acquisition, phased exploration and closure expenditure is estimated at about $15-million over ten years.
