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ACG Metals Ltd on Monday said it swung to a profit in the first half of 2025, as it completed repayments on a loan to acquire its flagship mine in Turkey. The Tortola, Virgin Islands-based mining company is focused on consolidating the copper industry via ‘a series of roll-up acquisitions,’ it says. ACG is the 100% owner of Gediktepe, a gold dore prospect which the firm plans to shift into copper and zinc production. In the six months that ended June 30, ACG posted a pretax profit of $20.7 million, swinging from a $5.9 million loss the previous year. Revenue amounted to $70.8 million, up from none reported a year earlier. ACG suggested that first-half results were not comparable across 2024 and 2025, as it only completed the purchase of Gediktepe in September. The results follow last Tuesday’s announcement that ACG’s US listing has been upgraded to the OTCQX Best Market, the premier venue operated by the OTC Markets Group Inc. The first half also saw the firm conclude repayment of debt which funded the purchase of Gediktepe, plus a $200 million bond placement to fund sulphide exploration at the site. As of June 30, sulphide expansion plans are ‘well within schedule and strictly on budget’, according to ACG, which is targeting commercial sulphide production by the end of the first half of 2026.The transition to copper and zinc from gold dore is expected to occur within the same time frame. Gold equivalent production was up 3% on-year at 22,263 ounces during the first half of 2025, though total ore processed decreased by 97% to 7.4 million tonnes, ACG noted. Net debt at the end of June came to $46 million, reduced from $104.6 million at December 31. Chief Executive Artem Volynets commented: ‘The first half of 2025 has been a strong period of strategic progress for ACG Metals, strengthening our foundations as a business and advancing our long-term growth plans. ‘The priority during the period has been to strengthen our financial position in order to reinforce our balance sheet and accelerate the transition into copper with a clean, cost efficient capital structure.’ ACG Metals traded 0.9% higher at 928.00 pence per share on Monday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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