A $1 billion metals deal by blank-cheque fund ACG Acquisition Company Limited (LSE:ACG) (?ACG?) has been terminated following delays when the different sides, which included a leading global miner and top automakers as anchor investors, tried to revise it, ACG said on September 28, 2023. ACG a London-listed special purpose acquisition company (SPAC), planned to buy a nickel mine and a copper mine from Appian Capital Advisory LLP, betting on rising demand for metals needed for the global green energy transition. In June, global miner Glencore (GLEN.L), Chrysler parent Stellantis (STLAM.MI) and Volkswagen's (VOWG_p.DE) battery unit PowerCo agreed to back the deal through an equity investment.

It was expected to close in August. "ACG announced on September 29, 2023 that, despite its best efforts, revisions to the Acquisition Agreement have not been agreed and the Acquisition Agreement has been terminated," ACG said in a statement. ACG, Appian and Glencore declined to comment.