Stifel Sees Significant Upside for ACG Metals Beyond Initial Copper Shipment

ACG Metals Ltd (LSE:ACG, OTC:ACGAF) has reached an important milestone with the arrival of its first copper concentrate at the Gediktepe mine in Türkiye.

The bigger prize lies beyond this initial shipment, according to Stifel analysts Alex Bedwany and Mavis Liu, who rate the shares 'buy' with a 2,450p target. They believe that once the Enriched Ore Project is completed late this year, the mine will hold significant further upside.

Gediktepe's switch to copper production coincides with tightening market conditions, where copper prices are currently around $6.48 a pound at spot. This timing 'helps too', according to Stifel, as it reduces the risk associated with ramping up production.