On December 12th evening, Jiangxi Copper Corporation and SolGold, a company listed on both London and Toronto stock exchanges, jointly announced that Jiangxi Copper had submitted a revised non-binding cash acquisition offer, proposing to purchase all the shares of SolGold that it did not already hold at a price of 28 pence per share.
This offer valued SolGold at approximately 842 million pounds (approximately 7.954 billion yuan), marking the intensification of this acquisition case that began in November 2025. The announcement stated that this valuation: (1) was approximately 42.9% higher than the closing price of the target company per share on November 19, 2025 (the last trading day before Jiangxi Copper first contacted the board of the target company); (2) was approximately 58.5% higher than the three-month weighted average price of the target company's trading volume as of November 27, 2025 (the last trading day before the target company announced Jiangxi Copper's preliminary acquisition proposal); (3) was approximately 136% higher than the twelve-month weighted average price of the target company's trading volume as of November 27, 2025; (4) was approximately 7.1% higher than the closing price of the target company on November 27, 2025 (approximately 26.2 pence, having risen by 33.4% since November 19, 2025). Previously, Jiangxi Copper's two lower offers were rejected, and this price increase quickly gained the favorable support of the SolGold board, significantly increasing the possibility of the deal being reached.
Jiangxi Copper itself already holds approximately 12.2% of SolGold's shares. Additionally, the four major shareholders including BHP and Newmont have issued support letters, promising to accept this offer, along with Jiangxi Copper, totaling a support share ratio of approximately 40.7%.
According to the UK's "City Takeover and Merger Code", Jiangxi Copper must announce whether it has determined to make a formal offer by 5 p.m. on December 26, 2025 (London time).
Acquisition target: SolGold, a mining company specializing in copper-gold exploration and development in South America, particularly in Ecuador, with its core value concentrated on the Cascabel project located in the northern part of Ecuador, being recognized by the international mining industry as one of the most promising undeveloped copper-gold projects in the world. The Cascabel project is located in the Pacific Ring Metallogenic Belt, an area that is globally important for copper and gold deposits. The main Alpala deposit has abundant resources and has completed a pre-feasibility study, having the basis for development. According to SolGold's public information, the project has total resources (proven, controlled, and inferred): copper 12.2 million tons, gold 30.5 million ounces, silver 102 million ounces. Reserves (confirmed and credible): copper 3.2 million tons, gold 9.4 million ounces, silver 28 million ounces.
To accelerate cash flow, SolGold has approved an accelerated development plan, aiming to start production in 2028, three to four years earlier than the original plan. The mining strategy adopts a phased development plan of "first open-pit, then underground", with the first stage: at the beginning of 2028, start the Tandayama-America open-pit mine. The second stage: by the end of 2028, start the underground mining of the Alpala deposit.
According to the pre-feasibility study in February 2024, the mine life is 28 years, with an annual copper output of 123,000 tons, gold 277,000 ounces, and silver 794,000 ounces. The peak copper production capacity can reach up to 216,000 tons. The after-tax net present value (NPV) of the project is as high as 3.22 billion US dollars, with an internal rate of return (IRR) of 24%. The initial capital expenditure is approximately 1.55 billion US dollars.
In addition to Cascabel, SolGold also has dozens of exploration projects at various stages in Ecuador, covering a vast area.
