Jiangxi Copper launches £867 million bid for SolGold amid tightening copper ...

by SHEN Xiaoge

China's Jiangxi Copper said on Dec 24 it has launched a £867 million cash offer for London-listed SolGold, seeking to secure long-life copper resources as the global copper market tightens.

The offer, made by wholly owned unit Jiangxi Copper Hong Kong Investment, values SolGold at 28 pence per share in cash for all issued and to-be-issued shares not already held by the bidder. The bid was launched on Dec 24 (London time).

SolGold's board said the terms are fair and reasonable and unanimously recommended shareholders vote in favor at both the court meeting and the general meeting.

Jiangxi Copper said it has secured irrevocable undertakings covering about 28.5% of SolGold's issued share capital, including stakes held by BHP and Newmont, as well as commitments from SolGold directors.

The offer represents a 42.9% premium to SolGold's 19.6 pence closing price on Nov 19, the last trading day before initial talks between the two companies, according to a separate filing by Jiangxi Copper.

Founded in 2006, SolGold is registered in the UK, headquartered in Perth, Australia, and listed on the London Stock Exchange under the ticker SOLG. Its flagship asset is the Cascabel copper-gold project in Ecuador, which the company owns outright. Discovered resources exceed 20 million tonnes of copper and 10 million ounces of gold, with an average copper grade of about 0.7%, above the global average.

The bid comes as the copper market faces a looming supply gap. The International Energy Agency has said global copper demand could reach 36 million tonnes by 2030, up 53% from 2020, while the number of major new discoveries has fallen sharply over the past decade.

Jiangxi Copper reported revenue of 396.05 billion yuan in the first three quarters of 2025, up 0.98% year on year, and net profit attributable to shareholders of 6.02 billion yuan, up 20.85%.