China's Jiangxi Copper Rejected by SolGold in $1 Billion Takeover Approach

By Adria Calatayud

China's Jiangxi Copper made a 793.3 million-pound ($1.05 billion) takeover approach for SolGold, which rejected the proposal, a move that sent shares in the London-listed mining company sharply higher.

Shares in SolGold climbed 11% in European afternoon trading Friday to 29.18 pence, and have quadrupled their value since the start of the year as gold prices rallied.

"The SolGold board has carefully considered this proposal along with its advisers, and has unanimously decided to reject this proposal," the company said.

SolGold, which focuses on gold and copper mining and has operations in Latin America, said its board received Friday a preliminary and conditional nonbinding proposal from Jiangxi Copper for 26 pence a share in cash. This followed an earlier proposal on Nov. 23 that was also rejected, SolGold said.

Jiangxi holds a 12.2% stake in SolGold, which makes it the biggest shareholder in the company, according to FactSet. Mining groups BHP Group and Newcrest Mining hold stakes of 10.4% and 10.3% in SolGold, respectively, according to FactSet.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

11-28-25 1029ET