Berenberg lifts ACG Metals target as copper plans expand output
Berenberg raised its ACG Metals target price as the company shifts toward copper, lifts reserves 43% and sees shares up about 60% this year.
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what happened
According to TradingView, citing Sharecast, Berenberg raised its target price on ACG Metals. The shares have climbed roughly 60% year to date as the group moves from a single precious-metals producer toward a higher-quality base-metals business centred on copper.
An updated CPR for the Gediktepe mine in Turkey reflects a re-phased plan that brings forward base-metal output. ACG now expects average copper-equivalent output of about 6,000 tonnes a year for FY27-31, roughly 60% above its previous 20,000 to 25,000 tpa target. Ore reserves rose 43% to 26.5 million tonnes, and copper reserves rose 35% to 176,000 tonnes.
Berenberg kept its valuation of Gediktepe broadly unchanged at $802 million and also pointed to potential at the nearby Keşkek gold project.
why it matters
For mining investors, the reserve growth and shift toward copper, a metal in strong demand from power and electric vehicles, are the key points. Berenberg puts ACG shares at 1.06x net asset value and 2.9x FY27 underlying earnings.
market impact
Copper and gold: ACG's shift to copper and larger reserves support interest in the stock
tags
instruments
sources
- Berenberg raises target price on ACG Metals — TradingView, 26 October 2026 at 13:39 UTC
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