Total Market Solutions: Copper. Cash. Dividends. Artem Volynets on ACG Metals’ next chapter

Chairman and CEO Artem Volynets spoke to Total Market Solutions about what ACG’s recent run of milestones means for the company’s next stage of growth.

When ACG Metals acquired Gediktepe in 2024, the mine came with a winding-down oxide operation and an unfunded plan for 20,000 tonnes of copper equivalent a year. Two years and $200 million of investment later, it has three processing plants. In the interview, Artem shared that he expects a minimum of 36,000 tonnes a year at full capacity by the end of 2027.

Three plants, one site

The heap leach continues to beat its original plan, and a newly acquired oxide licence will extend its life by six to seven years. The flotation plant produced first copper concentrate on 31 August and is ramping up towards commercial production by year end. The SART plant targets first production in Q3 2027 and will treat material that was previously classified as waste.

“Steadily, surely, and with great discipline. We are preparing for the next 20 years of uninterrupted production,” Artem Volynets, Chairman and CEO.

$1.2 billion, and counting

The new Competent Person Report values Gediktepe at $1.2 billion on consensus pricing and $1.4 billion at spot. It points to $150 to $200 million of free cash flow a year at full capacity. Artem calls this conservative, because it excludes the new oxide licence, resources outside the pit shell and two largely undrilled exploration properties.

From peak debt to dividends

With construction complete, ACG plans to refinance its $200 million bond, which would save more than $10 million a year in interest. After that, it intends to establish a dividend policy. Any acquisition must increase net asset value per share, or ACG walks away.