8.2 billion RMB! Jiangxi Copper acquires approval to buy the "most promising undeveloped copper mine in the world"

Fast Technology, March 3 — Today, Jiangxi Copper announced that its wholly-owned subsidiary, Jiangxi Copper (Hong Kong) Investment Limited, has officially approved the acquisition of all issued and to-be-issued ordinary shares of SolGold PLC for £867 million (approximately 8.2 billion RMB).

The transaction will be completed on March 4, with a purchase price of 28 pence per share in cash, representing a premium of over 42% compared to SolGold’s previous stock price.

Public information shows that SolGold was founded in 2006. It is a UK-registered mineral exploration and development company headquartered in Perth, Australia. It is listed on the main board of the London Stock Exchange. Its core asset is a 100% stake in the Cascabel project located in Ecuador.

It is understood that the Cascabel copper-gold project is located in northern Ecuador’s Imbabura Province and is known in the industry as “the most potential undeveloped copper deposit in the world.” The mining area covers 4,979 hectares, with mining rights valid until 2048.

The Alpala deposit is the main ore body, with proven + controlled + inferred resources: 12.2 million tons of copper (grade 0.41%), 30.5 million ounces of gold (about 949 tons, grade 0.34 g/t), and 102.3 million ounces of silver (about 3,182 tons, grade 1.14 g/t), with a total metal value exceeding $160 billion.

The satellite deposit Tanda Yamae has a resource of 722 million tons of ore, with a copper grade of 0.43%, and a strip ratio of only 0.63:1, suitable for open-pit mining.

According to plans, starting this year, geotechnical drilling, seismic assessment, and infrastructure construction will be initiated. After the project officially begins production in 2028, it is expected to become an important source of supply for the global copper and gold markets.