BofA update shows where active managers are putting money
LONDON - Mining company ACG Metals Limited (LSE:ACG) paid a total of $17.57 million to the Turkish government in 2024 related to its Gediktepe Mine operations, according to a regulatory filing released Thursday.
The payments, detailed in the company’s annual Payments to Governments Report, included $9.73 million in taxes, $4.56 million in royalties, and $3.28 million in license fees and other considerations.
The report was published in compliance with the United Kingdom (TADAWUL:4280) Report on Payments to Governments Regulations 2014, which requires extractive companies to disclose payments made to governments related to their mining activities.
ACG Metals, which completed the acquisition of the Gediktepe Mine in September 2024, stated that the mine produced 55,000 gold equivalent ounces in 2024. The company expects the mine to transition to primary copper and zinc production from 2026, targeting annual steady-state copper equivalent production of 20,000-25,000 tonnes.
The report covers payments made during the year ended December 31, 2024, and includes only payments exceeding £86,000, in line with regulatory requirements. The company noted that payments made in currencies other than US dollars were translated using the exchange rate on the date of payment.
The information was filed with the UK Financial Conduct Authority and is available on the company’s website and the National Storage Mechanism.
Based on a company press release statement, ACG Metals describes itself as a company aiming to consolidate the copper industry through acquisitions, with a focus on environmental, social, and governance standards.
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