LONDON - ACG Metals Limited has reported a significant increase in gold equivalent production for the fourth quarter of 2024, according to a recent operations update. The mining company, which completed the acquisition of the Gediktepe Mine in September 2024, saw a 49% year-on-year rise in gold equivalent production, reaching 57,072 ounces.
The update highlighted that the Gediktepe Mine processed 225,861 tonnes of ore during the quarter, consistent with the life of mine plan, despite a 20% decrease from the same period in the previous year. The mine produced 13,097 ounces of gold and 215,660 ounces of silver, resulting in 15,651 ounces of gold equivalent for the quarter.
ACG Metals also emphasized its cost discipline, with all-in sustaining costs (AISC) decreasing by 2% to stay below $1,150 per ounce. This cost efficiency came alongside a 22% increase in realized metal prices, with gold and silver prices reaching $2,667 per ounce and $32 per ounce respectively.
The company’s chairman and CEO, Artem Volynets, remarked on the transformative year for ACG Metals, highlighting the Gediktepe Mine’s strong operational performance and the signing of a $146 million EPC contract with GAP İNŞAAT. This contract is part of the company’s strategy to transition to sulphide ore processing and expand its copper production capabilities.
In December 2024, ACG Metals completed a $200 million senior secured bond placement, with a coupon rate of 14.75%, to fully fund the Gediktepe sulphide expansion project and for general corporate purposes. The company notes that it has commenced earthworks for the project and remains in a strong financial position with healthy cash balances expected throughout the construction period.
The update also included a nod to the company’s safety performance, with 634 LTI-free days or 1,905,841 man-hours without lost-time injuries, reflecting the team’s commitment to maintaining high safety standards.
Looking forward, ACG Metals plans to focus on operational excellence and the completion of the sulphide expansion project in 2025, aiming to establish a significant role in the global copper supply chain.
This operations update is based on a press release statement from ACG Metals Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.