Xin Lang Cai Jing·2025-12-25 05:56Core Viewpoint - Jiangxi Copper has made a formal offer to acquire SolGold plc, a UK-listed company with a world-class copper-gold mine project, Cascabel, after adjusting the offer price twice [1][3][10]. Group 1: Acquisition Details - The formal offer price is set at 28 pence per share, valuing SolGold's total issued and to-be-issued share capital at approximately £867 million (around 8.2 billion RMB) [3][6][15]. - Jiangxi Copper had previously submitted two non-binding cash offers on November 23 and November 28, 2025, both of which were rejected by SolGold's board [6][15]. - The offer was increased from a previous price of 26 pence per share to 28 pence, with SolGold's board indicating they would recommend shareholders vote in favor of the revised offer [7][16]. Group 2: Shareholder Support - Jiangxi Copper has received irrevocable commitments from major shareholders, including BHP, Newmont, and Maxit Capital LP, representing a total of 773,642,395 shares, approximately 25.7% of SolGold's issued share capital [7][16]. - Additionally, commitments from SolGold's directors for their shares amount to 83,597,123 shares, about 2.8% of the total, bringing the total support to 40.6% of SolGold's issued share capital [7][16]. Group 3: Strategic Importance - The acquisition aligns with Jiangxi Copper's strategy of prioritizing industrial operations and resource acquisition, demonstrating the company's commitment to resource allocation [3][12]. - SolGold, established in 2006, is focused on mineral exploration and development, with its core asset being the Cascabel project in Ecuador, which is one of the most significant undeveloped porphyry copper-gold deposits globally [8][17]. - The Cascabel project has substantial resources, including 12.2 million tons of copper and 30.5 million ounces of gold, with confirmed and inferred reserves of 3.2 million tons of copper and 9.4 million ounces of gold [8][17]. Group 4: Financial Performance - Jiangxi Copper is the largest comprehensive copper producer in China, with a business model that includes mining, smelting, and processing of copper and gold [9][18]. - In the first three quarters of the year, Jiangxi Copper reported revenues of 396.047 billion RMB and a net profit of 6.26 billion RMB [9][18].