SolGold to Complete £867 Million Acquisition by Jiangxi Copper Company for Cascabel Project
SolGold is set to finalize an £867 million acquisition by Jiangxi Copper Company, offering shareholders 28 pence per share, a 43% premium over previous prices. The deal, recommended unanimously by the board, will be executed through a court-sanctioned Scheme of Arrangement, with a shareholder meeting scheduled for February 23, 2026, requiring 75% approval. The acquisition focuses on the Cascabel project in Ecuador, a significant copper-gold deposit crucial for Jiangxi Copper's resource strategy.
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SolGold is nearing the final phase of its acquisition by Jiangxi Copper Company, focusing on a cash offer of approximately £867 million. Shareholders are set to receive 28 pence per share, a 43% premium over the closing price prior to Jiangxi Copper's interest announcement.
The board has unanimously recommended acceptance of the offer. The acquisition will be conducted through a court-sanctioned Scheme of Arrangement, with significant shareholder support. The Cascabel project in Ecuador's Imbabura province, one of the largest undeveloped copper-gold deposits globally, is a key driver for this acquisition, providing Jiangxi Copper strategic access to essential resources for the energy transition.
A shareholder meeting is scheduled for February 23, 2026, where at least 75% approval is required. If approved, the deal is expected to close by the end of the current quarter, transferring financial and operational responsibilities for the Cascabel project to Jiangxi Copper.
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