Jiangxi Copper Company Limited received a preliminary and conditional non-binding proposal to acquire remaining 87.81% stake in SolGold Plc from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation, Nicholas Mather and others for approximately £740 million.
Published on 11/28/2025
at 05:41 pm GMT - Modified on 11/27/2025
Jiangxi Copper (Hong Kong)Investment Company Limited received a preliminary and conditional non-binding proposal to acquire remaining 87.81% stake in SolGold Plc (LSE:SOLG) from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation (NYSE:NEM), Nicholas Mather and others for approximately £740 million on November 23, 2025. A cash consideration valued at £0.26 per share will be paid by Jiangxi Copper Company Limited. As of November 28, 2025, The SolGold Board has carefully considered this Proposal along with its advisers, and has unanimously decided to reject this Proposal and Shareholders are advised to take no action in relation to the Proposal. As of November 30, 2025, Jiangxi Copper Company by not later than on December 26, 2025, is required to either announce a firm intention to make an offer or announce that it does not intend to make an offer for the Target. Jiangxi Copper Company Limited cancelled the acquisition of SolGold Plc on November 23, 2025. The SolGold Board has carefully considered this Proposal along with its advisers, and has unanimously decided to reject this Proposal. As of December 12, 2025 Jiangxi Copper (Hong Kong)Investment Company Limited received a preliminary and conditional non-binding proposal to acquire remaining 87.81% stake in SolGold Plc (LSE:SOLG) from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation (NYSE:NEM), Nicholas Mather and others for approximately £740 million. A cash consideration valued at £0.28 per share will be paid by Jiangxi Copper Company Limited. The cash consideration for the Revised Possible Offer, if made, would be fully funded by a combination of JCC's existing cash resources and a committed bank facility. As of December 24, 2025, the SolGold Directors intend to recommend unanimously that SolGold Shareholders vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting, as the SolGold Directors have irrevocably undertaken to do in respect of their own beneficial holdings of 83,597,123 SolGold Shares, representing, in aggregate, approximately 2.8% of the ordinary share capital of SolGold in issue.
Hugh Samson, Paul Betts, Sam Jackson of RBC Europe Limited, Sameer Rabbani of Maxit Capital LP act as financial advisor for SolGold Plc. Ross Allister, Michael Nicholson, Sam Cann of Peel Hunt LLP, Wallace Wang of Admiralty Harbour Capital Limited act as financial advisor for Jiangxi Copper (Hong Kong)Investment Company Limited. Joy Chen of Norton Rose Fulbright LLP and Norton Rose Fulbright Canada LLP act as legal advisor for Jiangxi Copper (Hong Kong)Investment Company. Fasken Martineau LLP act as legal advisor for SolGold Plc. Joy Chen of Slaughter and May act as legal advisor for Newmont Corporation. Simon Wood and Ewen Scott of Addleshaw Goddard advising Peel Hunt in its role as financial adviser to Jiangxi Copper Company on the proposed acquisition of SolGold plc.
Newmont Corporation is one of the world's leading gold mine exploration and operation companies. Net sales break down by family of products as follows:
- gold (84.3%): 6.5 million ounces sold in 2024;
- copper (7.1%): 150 million kg sold;
- silver (4.2%): 33 million ounces sold;
- zinc (3.3%): 247 million kg sold;
- lead (1.1%): 97 million kg sold.
At the end of 2024, the group had 21 production sites located in North America (11), Australia (4), South America (3), Africa (2) and New Guinea.
Net sales are dsitributed geographically as follows: the United States (0.1%), United Kingdom (58.7%), South Korea (10.5%), Japan (10.3%), Philippines (3.8%), Switzerland (3.4%), Mexico (3.2%), Australia (2.2%), and others (7.8%).
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Jiangxi Copper Company Limited received a preliminary and conditional non-binding proposal to acquire remaining 87.81% stake in SolGold Plc from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation, Nicholas Mather and others for approximately £740 million.
