The deal is the first investment by a Chinese miner since November 2022, when Canada ordered three Chinese companies to divest their investments in Canadian critical minerals, citing national security.
Under the terms of the agreement, Solaris will issue about 28.5 million shares at C$4.55 per share to a unit of Zijin, representing a 14% premium to the stock's close on Wednesday.
Shares of Solaris were up more than 5% on Thursday.
The deal would also permit Zijin to nominate a member to the Solaris board for as long as the Chinese firm held at least a 5% stake.
Solaris said it would use the proceeds of the transaction for the development of its Warintza copper-gold project in Ecuador.
($1 = 1.3404 Canadian dollars)
(Reporting by Kabir Dweit; Editing by Shailesh Kuber)
