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UK’s ACG Metals drops bid to acquire Azerbaijan-focused Anglo Asian Mining -EXCLUSIVE

12 December 2025 15:37 (UTC +04:00)

The United Kingdom’s “ACG Metals Limited” company has refused to acquire “Anglo Asian Mining” (AAM), which is engaged in the extraction of gold, copper, and silver in Azerbaijan, APA-Economics reports.

ACG Metals has officially stated that it does not intend to make an offer to acquire AAM. The company noted that after evaluating the assets of “Anglo Asian,” it concluded that such an acquisition would not create additional value for ACG’s shareholders.

Based on this statement, ACG is legally restricted from making an offer for “Anglo Asian” in accordance with the UK’s Rules on Takeovers and Mergers.

Anglo Asian Mining PLC, noting ACG’s decision, stated that the company continues to develop production and existing assets with the aim of creating value for shareholders. According to the company’s announcement, two new mines that have been commissioned over the past 12 months, as well as long-standing income-generating existing projects, form the basis of this strategy.

Anglo Asian also stated that the development of the Kharkhar and Garadagh projects, as well as the phased implementation of plans to become a mid-tier copper producer, are underway. The company emphasized that markets have recently begun to more clearly assess the management team’s ability to create new opportunities based on its extensive license portfolio.

The announcement also noted that Anglo Asian’s management is confident that the current strategy has so far been successful for shareholders and that long-term value will be increased through the organic growth of the business.

Note that after ACG Metals Limited announced on November 26 that it was exploring the possibility of acquiring all existing and to-be-issued ordinary share capital of AAM, trading of the company’s shares on the London Stock Exchange was suspended. Under official procedures, ACG was given until December 24 to either submit a formal offer or decline the acquisition.

Recall that Anglo Asian has begun development of 6 fields under a production sharing agreement (PSA) signed on August 21, 1997. According to the agreement, Azerbaijan’s share is 51%, while the share of Anglo Asian Mining PLC is 49%. The company currently has the right to operate in 8 contract areas in Azerbaijan. It is listed on the London Stock Exchange and is one of the country’s largest non-oil industrial exporters.