By Global Consultants Review Team ,
ACG Metals has entered into a binding agreement to acquire 100% of mining licence 60926, which contains the Keşkek gold project in Türkiye. The licence covers 666 hectares and is located approximately 70 kilometres from ACG’s Gediktepe mine. The acquisition is intended to provide ACG with an additional source of gold-bearing oxide ore and extend the use of existing processing infrastructure at Gediktepe.
The transaction comes as ACG continues to develop Gediktepe as a multi-metal operation. The company announced first copper concentrate production from the mine on August 31, 2026, with the operation now in its ramp-up phase. ACG says its focus is on increasing throughput, optimising plant performance and progressing toward full production by the end of 2026.
Under the agreement, ACG will pay an initial US$4 million for the Keşkek licence. A further US$3.85 million is linked to the Environmental Impact Assessment permitting process, bringing the total cash consideration to US$7.85 million. The licence transfer is subject to approval from Türkiye’s General Directorate of Mining and Petroleum Affairs.
The transaction also includes a 1% gross revenue royalty payable to Meta Nikel Kobalt Madencilik Sanayi ve Ticaret A.Ş. on gold mined from the licence area. ACG will additionally pay US$60 per ounce for any additional gold discovered and converted into ore reserves outside the defined Keşkek pit. The company estimates total expenditure for the acquisition, phased exploration and closure of the project at approximately US$15 million over ten years.
Keşkek is expected to provide an additional source of oxide feed for ACG’s existing heap-leach facility at Gediktepe. This is important because the company is transitioning Gediktepe toward copper and zinc concentrate production while seeking to extend its gold production profile. ACG expects the Keşkek project to extend the utilisation of the heap-leach facility by several years.
The company is targeting mining and gold production from Keşkek in mid-2027, following the completion of residual leaching of material currently on the existing heap, subject to the required permitting. The timing would allow ACG to continue gold production alongside the ramp-up of its copper and zinc operations.
ACG Metals Chairman and Chief Executive Officer Artem Volynets said the acquisition would allow the company to use a nearby source of oxide ore while making use of infrastructure already established at Gediktepe.
“The acquisition of Keşkek provides an attractive opportunity to extend our gold production profile by securing a nearby source of gold-bearing oxide ore that can be processed using existing infrastructure at Gediktepe.” - Artem Volynets, Chairman and Chief Executive Officer, ACG Metals
The acquisition reflects ACG’s approach of pursuing opportunities that can build on its existing assets and operating capabilities. Rather than developing a completely separate processing operation, the company intends to connect Keşkek’s oxide resources with the infrastructure already available at Gediktepe.
ACG’s wider strategy is focused on building a larger metals business through acquisitions and operational development. The company says its vision is to consolidate the copper sector, while Gediktepe provides the foundation for its current production platform.
The initial Keşkek pit contains approximately 300,000 tonnes of oxide material grading 0.90 grams per tonne of gold, with a strip ratio of approximately 1:1. ACG’s technical team estimates that the wider licence contains a mineral resource of approximately 1.5 million tonnes grading 0.65 grams per tonne of gold.
The company also sees potential for additional mineralisation across the licence. ACG estimates that exploration could identify another 5 million to 10 million tonnes of mineralisation grading between 0.7 and 1.0 grams per tonne of gold. However, this potential remains subject to further exploration and drilling and should not be treated as an established resource until it has been formally defined.
Metallurgical testwork has indicated gold recoveries of approximately 75% to 80%, with recoveries potentially increasing to around 85% when using Gediktepe’s existing patented proprietary recovery process. This provides further support for ACG’s plan to process Keşkek material through its existing infrastructure.
The project also benefits from its proximity to Gediktepe. ACG says its existing mining contractor is already established at the META site and that connecting infrastructure is in place. These factors could reduce the operational complexity of bringing the additional ore source into production.
The Keşkek acquisition comes at an important point in ACG Metals’ development. Gediktepe has moved into copper concentrate production following the first production milestone on August 31, 2026, while the company continues to ramp up the operation. At the same time, Keşkek provides a potential route to maintain and extend gold production using an existing processing system.
ACG acquired 100% of the Gediktepe Mine in Türkiye in 2024. The mine was originally producing gold doré and has been transitioning toward copper and zinc concentrate production. The addition of Keşkek gives ACG an opportunity to retain a role for gold within the operation while increasing the utilisation of existing infrastructure.
The next stages for Keşkek will involve completing the regulatory and environmental permitting processes and preparing the project for development. Subject to the necessary approvals, ACG is targeting the start of mining and gold production in mid-2027.
For ACG Metals, the transaction represents a targeted expansion built around an existing operating base. The company is acquiring access to a nearby gold resource, potential exploration upside and an additional source of oxide ore without having to establish an entirely new processing facility. As ACG continues its transition toward copper and zinc production, Keşkek could therefore help extend its gold production profile while supporting the broader growth strategy.
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