ACG Metals (LSE:ACG) announced it has produced first copper concentrate at its Gediktepe operation in Türkiye on 31 August, a milestone that shifts the company from gold and silver miner to copper producer.
ACG acquired the Gediktepe mine in September 2024 and has since converted it from precious metals output to copper and zinc concentrate production, targeting annual steady-state output of 20,000 to 25,000 tonnes of copper equivalent.
Commissioning is progressing as planned, with the operation now in the ramp-up phase.
The company's near-term focus is increasing throughput, optimising plant performance and reaching full production by the end of the year.
"Producing our first copper concentrate marks ACG's transition into a copper producer and is a defining milestone for the Company," said Artem Volynets, chairman and chief executive.
He added that the priority now is a disciplined ramp-up, "progressively increasing throughput and recoveries, delivering consistent concentrate quality and advancing towards steady-state production".
The company said it would report further progress as commissioning continues.
News Intelligence what this means for the company
ACG Metals achieved first copper concentrate production at Gediktepe on 31 August, completing the transition from a precious metals miner to a copper and zinc producer. The operation is now in ramp-up phase targeting full production by year-end, with steady-state output of 20,000–25,000 tonnes of copper equivalent annually—a material shift in the company's commodity exposure and revenue base as it moves beyond the oxide ore phase that ended in 2025.
First concentrate production validates the sulphide expansion capex and de-risks the transition to base metals. The near-term case now hinges on execution of the ramp-up and whether the company achieves its full-year production target and target cost structure in a copper market that has moved materially since project sanctioning.
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