Former US secretary of state and one-time Trump ally Mike Pompeo has joined London-listed copper miner ACG, bolstering its board as it plots a deals offensive and international expansion.
ACG, led by a former executive at Russia’s biggest aluminium miner, said the former CIA director would join as a non-executive director and bring “valued strategic advice” as it gears up for expansion through deals and “strategic partnerships”.
Floated as a special purpose acquisition company in 2023, ACG struck its first $290m deal to acquire Turkish copper mine Gediktepe last year. It says it is now gearing up for a spate of M&A and has plans to become the largest copper miner listed on London’s market, with up to 300,000 tonnes under production by 2027.
“Mike’s appointment is validation of that strategy, as well as a very positive step towards its realisation,” chief executive, Artem Volynets said in a statement.
Mining companies are racing to expand their copper output with demand set to boom due its use in energy transition infrastructure like solar panels, electric cars and data centres for artificial intelligence.
BHP mounted a takeover bid on rival Anglo American last year chiefly due to its prize copper assets. However, the deal fell apart due to the target’s reluctance to offload its iron ore facilities.
Glencore is also looking to leverage its copper dominance to strike deals this year, saying it was “open to do transactions that are value-accretive for the company”.
In a statement on his appointment today, Pompeo said ACG was “well positioned to capitalize on strong current and future demand for copper globally”.
His appointment comes amid a clash with the newly inaugurated US president, who last week removed his permanent security detail.
While Pompeo was appointed as director of the CIA and secretary of state in the first Trump administration, the president soured on his former ally months ahead of the election and said he would play no role in his second stint in the White House.
Asked about the decision to end Pompeo’s security, Trump said: “Do you want to have a large detail of people guarding people for the rest of their lives? I mean, there’s risks to everything.”
According to a March 2022 report to Congress, the State Department said it was paying more than $2m per month to provide 24-hour security to Pompeo and his top advisor Hook, the Associated Press reported.
