ACG Metals has agreed to buy Blue Moon Norway AS, which owns 94.52% of the construction-stage Nussir copper mine in northern Norway, from Blue Moon Metals for US$220m in new shares, the company said on 3 November 2026.
Why ACG Metals Limited is buying Blue Moon Norway AS
ACG described the combination of its Gediktepe operations in Türkiye with Blue Moon's Norwegian assets as transformational. It expects pro forma output of more than 50,000 tonnes a year of copper equivalent from Gediktepe and Nussir, and said the deal should be immediately accretive to net asset value per share before synergies.
“The combination of the Gediktepe operations in Türkiye and Blue Moon's Norwegian assets is a transformational transaction”
Deal terms and financing
ACG will issue about 8.85 million class A shares at £18.70 each, equal to about 27.6% of its enlarged share capital, and Blue Moon must distribute the shares to its own shareholders six to 12 months after completion. ACG said the price equates to about 0.59 times the US$375m broker consensus NAV for the Norwegian portfolio. It is evaluating proposals, which may include refinancing its Nordic bonds, to fund roughly US$126m of remaining Nussir capital expenditure.
Regulatory approvals and timing
Completion requires ACG shareholder approval to issue the shares without pre-emption rights, with irrevocable support covering about 80.7% of the issued share capital, as well as in-country regulatory approvals and repayment of the Hartree loan. A general meeting is expected around 25 November, with completion targeted by 30 November 2026 and a long-stop date of 15 December 2026.
Market context
Nussir, near Hammerfest in Finnmark, is an underground copper project with gold and silver by-products and has been designated an EU Strategic Project under the Critical Raw Materials Act. First concentrate is targeted for 2028. ACG shares rose about 16% in London after the announcement, according to Alliance News.
