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A London SPAC Is Buying A Copper Mine In Turkey

July 19, 2024
x min read
A London SPAC Is Buying A Copper Mine In Turkey

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:

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