RE: SOLG24 Aug 2025 08:51
Interesting read, Had AI research heavily into this and it's been a great read, certainly Canna appointment is pushing for II's and Explore Co to be sold off IMHO whilst we keep the "crown jewel" Cascabel.
🏗️ Likely JV / Strategic Partners for ExploreCo
1. BHP
Why interested:
Already a major shareholder in SolGold (owns ~13%).
Copper is BHP’s #1 growth focus (Escondida, Olympic Dam, Resolution).
Long-term strategy: secure Tier 1 copper projects to feed the EV/renewables boom.
ExploreCo fit: Porvenir’s size potential and Blanca’s proximity to Cascabel make logical expansion plays.
Likelihood: ⭐⭐⭐⭐⭐ (very high — they already have a seat at the table).
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2. Newmont (via Newcrest acquisition)
Why interested:
Newcrest (now part of Newmont) also owns ~10% of SolGold.
Known for building large copper-gold systems (Cadia, Wafi-Golpu).
Could use ExploreCo to strengthen its Andean copper pipeline.
ExploreCo fit: Porvenir’s copper-gold porphyry style matches Newmont’s expertise.
Likelihood: ⭐⭐⭐⭐ (high, though Newmont may prioritize bigger projects first).
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3. Anglo American
Why interested:
Actively building a copper growth pipeline (Los Bronces, Quellaveco).
Looking for long-life, low-cost copper projects in stable jurisdictions.
ExploreCo fit: Ecuador is emerging as a copper frontier; Anglo could move in early.
Likelihood: ⭐⭐⭐ (medium — less involved with SolGold historically, but could enter opportunistically).
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4. First Quantum Minerals
Why interested:
Aggressively expanding in Latin America (Cobre Panamá, Taca Taca in Argentina).
Known for partnering on large-scale porphyry systems.
ExploreCo fit: Geographic overlap + appetite for Tier 1 porphyries makes a natural fit.
Likelihood: ⭐⭐⭐ (medium — possible rival to BHP/Newmont).
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5. Chinese SOEs (Jiangxi, Zijin, Chinalco)
Why interested:
China’s demand for copper is insatiable.
Chinese groups are well-funded and often willing to fund high-risk exploration in exchange for offtake or control.
ExploreCo fit: Could be minority investors or outright buyers of specific licences.
Likelihood: ⭐⭐ (lower near-term given Western shareholder base, but possible if SolGold needs cash fast).