One of the largest SPACs in London is buying a new asset: a Turkish copper mine.
What’s happening:
- London listed SPAC ACG Acquisition (LSE: ACG) has announced they will purchase a copper mine located in Turkey in a new $290M USD deal
- The new deal is being done with a subsidiary of Turkish energy and mining conglomerate Calik Holdings
The big idea:
- ACG Acquisition plans to inject new capital into the existing mine to expand their operations of producing copper and zinc, two highly relevant metals for the energy transition
- ACG Acquisition also plans to continue to purchase other mining projects to help accelerate the production of metals that are necessary to produce electric vehicle batteries
Why it matters:
- Copper prices have been on the rise as demand for the metal continues to soar alongside of new technologies for decarbonization and electric vehicle battery production
Going deeper:
- Legendary mining entrepreneur and financier Robert Friedland is an early investor in ACG Acquisition
- Global mining giant Glencore (LSE: GLEN) and Volkswagon’s battery power arm PowerCo were two other early backers of ACG Acquisition Company
The intrigue:
- Canadian mining financier and entrepreneur Eric Sprott just recently launched a new half a billion dollar capital raise for his copper focused ETF to accelerate their ability to purchase physical copper
