Gold and copper miner SolGold has agreed to be acquired by its largest shareholder, Jiangxi Copper, in a deal that values the Ecuador-focused miner at 867 million pounds ($1.17 billion). This was Jiangxi’s third proposal to acquire SolGold.
Through the agreement, Jiangxi gains control of SolGold’s Cascabel project in Ecuador’s Imbabura province. The region is home to one of the world’s largest undeveloped copper-gold deposits in South America.
“[Jiangxi Copper] is delighted to have received the unanimous recommendation of the SolGold board and strong support from other large shareholders in favour of the acquisition. JCC is excited by the potential of the Cascabel project,” Shaobing Zhou, vice chairman and general manager of Jiangxi, said in a statement.
SolGold’s other top investors include global miner BHP and Newmont.
Source: Reuters