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LONDON - Investment banks Berenberg and Canaccord Genuity have initiated equity research coverage on ACG Metals Limited (LSE:ACG) with "buy" ratings, according to a company press release issued Wednesday.
The research coverage is being led by William Dalby, analyst at Berenberg, and Tim Huff, analyst at Canaccord, both specializing in the metals and mining sector.
ACG Metals is currently transitioning its Gediktepe Mine from gold oxide to copper sulphide production. The company stated this transition is supported by a fully funded $146 million sulphide expansion, with site works already underway. Plant construction is scheduled to begin in the third quarter of 2025, with first sulphide production expected in the second quarter of 2026.
"We are pleased to welcome expert analyst coverage from Berenberg and Canaccord confirming our compelling equity story," said Artem Volynets, Chief Executive Officer of ACG, in the press release.
ACG Metals acquired the Gediktepe Mine in September 2024. The company reports the mine produced 55,000 ounces of gold equivalent in 2024 and is expected to target annual steady-state copper equivalent production of 20,000-25,000 tonnes from 2026 onward.
The company describes itself as having a vision to consolidate the copper industry through acquisitions, with a focus on environmental, social, and governance (ESG) principles.
This article is based on information contained in a company press release.
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