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SolGold recommends shareholders support Jiangxi Copper offer

Wed, 24th Dec 2025 14:20

(Alliance News) - SolGold PLC on Wednesday said it has agreed to an all-cash acquisition by Jiangxi Copper (Hong Kong) Investment Company Ltd.

JCHK is the wholly-owned investment arm of Jiangxi Copper Company Ltd. It is focused on investments in the nonferrous and precious metal sectors.

The offer is the third from Jiangxi Copper. The Ecuador-focused gold and copper miner informed investors of the latest approach on December 12.

Under the agreement, Jiangxi Copper will pay 28 pence per share, GBP867 million in total. It is raised from the previous non-binding offer of 26p in late November.

The agreed price represents a 42.9% premium to the closing price of 19.6 pence on November 19, the last business day prior to JCC's first approach.

SolGold Chief Executive Officer Dan Vujcic commented: "Following extensive shareholder consultation following the receipt of the proposals from JCC, the board believes all shareholders should have the opportunity to consider the acquisition. Having carefully considered the terms of the acquisition, the SolGold Board believes it is in the best interests of shareholders and the company, and the SolGold Board have unanimously recommended the transaction to shareholders."

JCHK holds a 12.2% stake in SolGold, making it the company's largest shareholder. As such, SolGold says JC is familiar with its Cascabel project and the exploration portfolio as a whole.

"While recognising that SolGold's management has significantly advanced the Cascabel Project, JCC believes additional work and investment is needed to establish JCC's own development plan and optimise the project's value over the entire life of mine. With JCC's technical capabilities, engineering, supply chain and financial resources, and knowledge of the project through its past investment, JCC believes that it is well positioned to develop and finance Cascabel with greater certainty, in order to unlock its future growth potential," SoldGold said.

JCHK has received irrevocable undertakings from SolGold shareholders BHP Billiton Holdings Ltd and Newcrest International Pty Ltd, together holding 25.7%.

The 2.8% stake held by company directors brings support for the deal to about 28.5%. Support from at least 75% of SolGold shareholders is required to approve the acquisition.

SolGold expects the deal to be completed in the first quarter of 2026.

SolGold shares closed up 1.3% at 25.84 pence on Wednesday in London.

By Aidan Lane, Alliance News reporter

Comments and questions to newsroom@alliancenews.com