Ex-metals chief Artem Volynets seeks backers for mining Spac

Artem Volynets wants to invest in mines that produce copper, nickel and cobalt, which can be used in electric cars
Artem Volynets wants to invest in mines that produce copper, nickel and cobalt, which can be used in electric cars
NICK RAY FOR THE TIMES

One of the mining industry’s most prominent Anglo-Russian executives is seeking to raise $125 million through a special-purpose acquisition vehicle which is listing in London.

Artem Volynets, the former chief executive of EN+ Group who also sat on the board of Rusal, the Russian aluminium giant, is touring the City trying to drum up the funds to back his ACG acquisition company.

If he finds enough willing investors, ACG will use the money to “target acquisition opportunities in the global metals and mining sector”.

Volynets, 55, wants to invest in mines that are producing, or close to producing, “new economy metals” such as copper, nickel and cobalt. These metals are used heavily in electric vehicles, wind turbines and solar panels.

Fears of recession have knocked