https://newsletter.en.creamermedia.com
Copper|Gold|PROJECT
Copper|Gold|PROJECT
copper|gold|project

SolGold signals support as Jiangxi Copper returns with higher proposal

12th December 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Ecuador-focused SolGold has opened the door to a takeover after Jiangxi Copper Company (JCC) returned with a sweetened all-cash proposal valuing the London-listed developer at about £842-million.

JCC has made a revised, non-binding indicative offer of 28p a share for the SolGold stock it does not already own – a 43% premium to the company’s undisturbed price before JCC’s first approach on November 19. The new price also represents a 136% premium to the 12-month volume-weighted average price.

The SolGold board, which rejected initial indicative proposals of 26p a share on November 23 and November 28, said it would now be “minded to recommend” the revised terms should JCC advance to a firm offer under Rule 2.7 of the UK Takeover Code.

The improved price has drawn immediate support from key SolGold shareholders. BHP and Newmont – each holding 10.3% of the company – have provided non-binding letters of intent in favour of the revised proposal. Maxit Capital (5.1%) and SolGold founder Nicholas Mather (2.8%) have also signalled support.

Combined with JCC’s existing 12.2% interest, letters of intent now represent 40.7% of SolGold’s issued share capital.

JCC has been a significant investor in SolGold since 2022, when it bought into the company during a recapitalisation.

If a firm offer is made, JCC intends to implement the acquisition via a court-approved scheme of arrangement. However, the Chinese group must first secure outbound direct investment (ODI) approval from Beijing. JCC has already started the clearance process.

The takeover, if formalised, would be funded through a combination of existing cash and a committed bank facility.

SolGold’s move marks a shift from its recent position, when the explorer twice rebuffed earlier approaches from JCC and urged shareholders to take no action. At the time, the company said it remained confident in its standalone strategy centred on developing the world-class Cascabel copper-gold project in Ecuador.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Comments

 

Latest Multimedia

Photo of Martin Creamer
On-The-Air (12/12/2025)
12th December 2025 By: Martin Creamer
 

Showroom

Essentra Components
Essentra Components

We are responsible manufacturers of essential components. Manufacturing 80 million parts a week, we have over 1 billion parts in stock.

VISIT SHOWROOM 
ALBIS FLANGES (Pty) Ltd
ALBIS FLANGES (Pty) Ltd

ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 December 2025
Magazine round up | 12 December 2025
12th December 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.482 0.586s - 185pq - 2rq
Subscribe Now