Jiangxi Copper’s subsidiary launches formal bid for SolGold at £867m valuation

Jiangxi Copper Company Limited announced that its wholly-owned subsidiary launched a formal offer on December 24, 2025, to acquire all issued and to be issued share capital of SolGold plc. The offer price is 28 pence per share in cash, valuing SolGold plc’s total issued and to be issued ordinary share capital at approximately £867 million. This transaction does not require Jiangxi Copper shareholder approval.

Jiangxi Copper’s subsidiary has secured irrevocable undertakings from major SolGold shareholders, including BHP Billiton Holdings Limited and Newcrest International Pty Ltd, representing 25.7% of SolGold’s issued share capital. Including Jiangxi Copper's existing holdings and support from SolGold directors, this brings total support to 40.6%. SolGold’s board believes the terms are fair and reasonable, recommending shareholders vote in favor of the acquisition.

The acquisition is expected to integrate SolGold, owner of the Cascabel project in Ecuador, into Jiangxi Copper’s consolidated financial statements. The Cascabel project is identified as one of the world's most significant undeveloped porphyry copper-gold deposits. The transaction is subject to a scheme of arrangement under the UK Companies Act 2006, requiring shareholder and court approvals.