2024-01-08 14:23:01
ACG Acquisition said on Monday it had signed a non-binding agreement in principle for a majority stake in a copper mine in EMEA.
The mine is expected to produce 20 to 25 kilo-tons of copper per year, the special purpose acquisition company (SPAC) said, adding that the acquisition would require $200 million in financing.
“There is no certainty that a binding agreement regarding this opportunity will be reached, nor the terms of any possible financing,” ACG said.
In September, the company terminated a billion-dollar metals contract following delays due to attempts by various parties, including a major global miner and automakers from foreground as reference investors.
ACG had planned to buy a nickel mine and a copper mine from Appian Capital, betting on increasing demand for metals needed for the global green energy transition.
SPACs are shell companies that raise money through an IPO and then merge with a private company to take it public. (Reporting by Eva Mathews in Bengaluru)
1704724485
#Check #company #ACG #signs #nonbinding #agreement #principle #copper #January #p.m