https://www.theglobeandmail.com/
A Russian-British mining executive has launched an attempt to build an international copper-mining portfolio with the purchase of a Turkish mine and will soon set his sights on Canada.
Earlier this month, Artem Volynets, the chairman and CEO of ACG Metals Ltd., which is listed on the London Stock Exchange, announced an investment of US$290-million in the Gediktepe mine in western Turkey. In an interview with The Globe and Mail, he said the purchase marked the first step of his “company’s vision to roll up the copper sector through a series of acquisitions.”
He said he will initially concentrate on buying single, privately owned mines with the goal of producing 200,000 to 300,000 tonnes of copper a year within three years, about 1 per cent of global production. The metal is considered critical for the battery and electric-vehicle revolution. A typical EV requires some 80 kilograms of copper, about four times more than a regular car.
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