British mining company ACG Metals has signed a binding agreement to acquire the Turkish license for the Keşkek gold project. The deal, valued at almost $7 million, will give the company access to additional oxide ore and is expected to help double production on a copper-equivalent basis.
The license covers an area of 666 hectares, located just 70 kilometers from the operating Gediktepe mine. Transport infrastructure has already been built between the two sites, making ore deliveries significantly easier.
The purchase price will be paid in stages. ACG Metals will make an initial payment of $4 million, with the remaining $3.85 million due in mid-2027 once first gold is produced at Keşkek.
Ore from the new site is expected to be processed at the existing heap-leach facility, where gold recovery has already reached approximately 85%. According to the company, bringing Keşkek into production could extend its gold operations by several years. Combined with existing capacity, annual copper-equivalent production could rise from around 20,000 tonnes currently to 40,000 tonnes.
ACG Metals CEO Artem Volynets said the transaction will allow the company to maintain its core gold production while simultaneously producing copper and zinc concentrates from its own sulfide ores. This is particularly important as the company has only recently begun ramping up its flotation plant.
Gediktepe recently produced its first copper concentrate, marking another step in ACG’s transformation from a precious metals and zinc producer into a more significant player in the copper market.
The Keşkek acquisition is a targeted but strategically important move. While the flotation circuit ramps up, gold production from the new deposit should provide stable plant utilization and cash flow, helping smooth the transition.
Source: MINING.COM
Image: ACG Metals
