Announcement • Mar 05
Jiangxi Copper (Hong Kong)Investment Company Limited completed the acquisition of the remaining 87.81% stake in SolGold Plc (LSE:SOLG) from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation (NYSE:NEM), DGR Global Limited (ASX:DGR), Nicholas Mather, and others.
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), DGR Global Limited (ASX:DGR), Nicholas Mather, and others for approximately £740 million on November 23, 2025. Jiangxi Copper (Hong Kong)Investment Company Limited entered into an agreement to acquire remaining 87.81% stake in SolGold Plc (LSE:SOLG) from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation (NYSE:NEM), DGR Global Limited (ASX:DGR), Nicholas Mather, and others on December 24, 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), DGR Global Limited (ASX:DGR), 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. As of February 2, 2026, JCC offer were approved by a majority of the DGR Directors. The DGR Board has yet to finalise its position with respect to voting at the SolGold General Meeting being held on February 23, 2026, to consider approval of the JCC offer and will update the market in due course. As of February 5, 2026, The Scheme is unanimously agreed to by the SolGold Board. As of February 23, 2026, the transaction was approved at the Court Meeting and the Shareholders meeting of SolGold. On 2 March 2026, SolGold announced that the High Court of Justice of England and Wales had sanctioned the Scheme at the Sanction Hearing on 2 March 2026.
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. AnJie Broad Law Firm is acting as PRC legal adviser to JCC.
Jiangxi Copper (Hong Kong)Investment Company Limited completed the acquisition of the remaining 87.81% stake in SolGold Plc (LSE:SOLG) from BHP Billiton Holdings Limited, Maxit Capital LP, Newmont Corporation (NYSE:NEM), DGR Global Limited (ASX:DGR), Nicholas Mather, and others on March 4, 2026. As the Scheme has now become Effective, Paul Smith, Maria Amparo Alban Ricaurte, Nicholas Mather, Jian (John) Xiong Liu, Charles Joseland and Scott Caldwell have tendered their resignations and have stepped down from the SolGold Board. Zhang Meng has been appointed as a director of SolGold. The latest date for settlement of the consideration in relation to the Acquisition is 18 March 2026. SolGold Shares have been suspended on the London Stock Exchange's main market for listed securities ("Main Market") with effect from the commencement of trading on March 4, 2026.
