ACG Metals Limited has agreed to acquire 100% of Blue Moon Norway AS from Blue Moon Metals Inc, including its 94.52% interest in the construction-stage Nussir copper mine and other Norwegian development interests, for $220 million in shares.
The acquisition combines two long-life assets serving European and other Western supply chains: Gediktepe in Türkiye, targeting full-capacity production in 2027, and Nussir, under construction and targeting first copper concentrate in the first half of 2028.
Nussir is an underground copper project with gold and silver by-products near Hammerfest, Finnmark, northern Norway. The plan provides for a conventional flotation plant at Øyen with approximately 2 Mt/y capacity. Existing infrastructure includes roads, freshwater and an ice-free deep-water port; a renewable grid connection is planned. Ulveryggen, approximately 3 km south-east, offers near-mine development potential.
Nussir’s feasibility study reports measured and indicated resources of 28.72 Mt at 1.02% Cu, inclusive of reserves; inferred resources of 31.99 Mt at 1.01% Cu; and proven and probable reserves of 24.98 Mt at 0.81% Cu, with gold and silver by-products.
The feasibility-study mine life is approximately 13 years (2028–2041), including partial production years, with output of circa-17,000 t/y CuEq estimated over the life of mine (100% basis)
Nussir’s approximately 9 km mineralised system offers drilling, resource conversion and mine-life extension potential, not assumed as reserves or guaranteed production in the current plan.
ACG says full permits are in place for Nussir, with plans to deploy its Gediktepe build team and construction, technical and operating expertise at Nussir, for shared corporate, technical and procurement functions.
Artem Volynets, Chairman and Chief Executive Officer of ACG, said: “The combination of the Gediktepe operations in Türkiye and Blue Moon’s Norwegian assets is a transformational transaction that creates a fast-growing European copper champion with industry-leading free cash flow margins. 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.”
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