London-listed ACG Metals has agreed to acquire Blue Moon Norway from Canadian miner Blue Moon Metals in an all-share deal valued at $220 million (€196 million), giving it a 94.52% stake in the construction-stage Nussir copper project in northern Norway. The company said the acquisition expands its European production portfolio from its operating base in Türkiye as demand for domestically sourced strategic metals strengthens.
Blue Moon Metals will receive approximately 8.85 million newly issued ACG Metals shares, equivalent to 27.6% of the enlarged company’s ordinary share capital. ACG said shareholders representing approximately 80.7% of its issued capital had committed to support the resolutions required for the transaction. Completion is expected by November 30, 2026, subject to shareholder and regulatory approvals.
Following completion, ACG expects to increase its ownership of Nussir to 100% within 12 months. The deal also includes interests in the Ulveryggen and Sulitjelma mining districts, giving ACG exposure to additional copper and zinc development assets, according to the company.
Nussir is expected to produce its first copper concentrate in the first half of 2028. ACG’s projections put the project’s average output at approximately 18,400 tonnes of copper equivalent annually during 2029–2033, while the combination with its Gediktepe mining operation in Türkiye is projected to target more than 50,000 tonnes of copper equivalent a year over the same period.
The Nussir feasibility study identifies 24.98 million tonnes of proven and probable reserves grading 0.81% copper, alongside measured and indicated resources of 28.72 million tonnes grading 1.02% copper. The company’s plan is for an underground mine supplying a conventional flotation plant able to process approximately 2 million tonnes of ore annually. Gold and silver by-products are expected to contribute to project economics.
ACG estimates Nussir has an operating life of approximately 13 years and further exploration potential along a nine-kilometre mineralised system. The project is near Hammerfest and has access to existing road infrastructure and an ice-free deep-water port; a renewable electricity grid connection is planned.
Construction funding and permits
ACG estimates that approximately $84 million (€75 million) of Nussir’s initial construction budget will have been spent by the time the transaction closes, leaving $126 million (€112 million) to finance. The company is evaluating financing proposals that could include refinancing existing bonds and using cash generated by its Turkish operations.
Funding construction and delivering the processing plant on schedule are central to the 2028 production target. ACG plans to combine construction expertise from Gediktepe with Nussir’s Norwegian engineering and operating teams, retain local employees and expand procurement opportunities.
Nussir has been designated a strategic project under the European Union’s Critical Raw Materials Act, placing the development within the bloc’s efforts to increase access to strategically important industrial metals. Copper demand from electricity networks, renewable energy installations, electric vehicles and industrial electrification has increased the strategic importance of European copper resources.
The project’s existing permits remain valid, but its operating licence expires in September 2027 and will need to be renewed or otherwise maintained. Construction financing, continuity of permitting and execution of the underground mine and processing facilities remain project risks, while the interests in Ulveryggen and the Sulitjelma copper-zinc district could provide additional resources for development.
The acquisition shifts Blue Moon Metals’ operational focus toward critical minerals projects in the United States, while its ACG shareholding will give it an indirect economic interest in Norwegian copper production. For ACG, the transaction extends its business from Türkiye into the Nordic mining sector. The company’s plan to turn Nussir’s reserves and construction investment into commercial production depends on financing, construction delivery and commissioning in 2028.
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