Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  SolGold Plc    SOLG   GB00B0WD0R35

SOLGOLD PLC

(SOLG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Ecuador-focused miner SolGold has begun process to replace CEO -source

01/15/2021 | 02:47pm EDT

LONDON/TORONTO, Jan 15 (Reuters) - Copper and gold miner SolGold Plc has launched a process to replace Chief Executive Nick Mather after nearly half of shareholders, including BHP and Newcrest, opposed his reappointment to the board, said an industry source familiar with the matter.

London-listed SolGold is seeking to mend fences with BHP and Newcrest following a dispute over funding for the miner's mammoth Ecuador copper-gold project.

Nearly half, or 44.7%, of shares eligible to be cast at last month's annual meeting were voted against reappointing Mather to the board.

The source said the company has started working on a succession plan to repair relations with shareholders. One SolGold shareholder said it was expected the company would announce a succession plan before summer.

SolGold declined to comment on succession planning in a statement to Reuters.

The miner last year hired investment bank Citi as a defence adviser, and the potential of its undeveloped Alpala project raised speculation the company could become a takeover target.

Copper is in high demand for use in renewable energy and electric vehicles and new deposits are rare and increasingly difficult to recover, while gold prices are hovering around record highs.

In the same statement to Reuters, SolGold said it is focused on building value in the stock via exploration and leverage to rising commodity prices while continuing to de-risk the Alpala project.

The miner has appointed four new non-executive directors in recent months, part of efforts to improve governance.

No. 2 investor Newcrest opposed a $100 million financing package SolGold agreed last May with Franco-Nevada. An option to upsize the financing by $50 million lapsed on Jan. 11.

SolGold needs to secure more than $2.5 billion to complete Alpala, expected to start production in 2025. (Reporting by Jeff Lewis in Toronto and Clara Denina in London Editing by Amran Abocar and Matthew Lewis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 0.70% 46.01 End-of-day quote.8.44%
FRANCO-NEVADA CORPORATION -0.60% 166.5 Delayed Quote.4.96%
GOLD -0.63% 1736.485 Delayed Quote.-8.75%
NEWCREST MINING LIMITED 4.06% 27.19 End-of-day quote.5.47%
SOLGOLD PLC 1.92% 29.25 Delayed Quote.-11.42%
All news about SOLGOLD PLC
04/09CORNERSTONE CAPITAL RESOURCES  : - pre-feasibility study update, alpala project,..
AQ
04/08UPDATE : SolGold Rises Near 7% as Details Revised Mine Plan under Alpala Pre-Fea..
MT
04/08SOLGOLD  : Details Revised Mine Plan under Alpala Pre-Feasibility Study; Up 6.5%..
MT
04/08SOLGOLD  : Alpala Pre-Feasibility Study Update
PU
03/29SOLGOLD  : 'Highly Encouraged' by Results From Porvenir Project in Ecuador
MT
03/29SOLGOLD  : Regional Exploration Update
PU
03/09SOLGOLD  : Conference Attendance and Investor Presentation
PU
02/08CORNERSTONE CAPITAL RESOURCES INC.  : - Pre-Feasibility Study Update, Alpala Pro..
AQ
02/05UPDATE : SolGold Drops More Than 15% as Pre-Feasibility Study on Alpala Project ..
MT
02/05SOLGOLD  : Down Near 16 in UK Midday Trade as Pre-Feasibility Study on Alpala Pr..
MT
More news
Financials
Sales 2021 - - -
Net income 2021 -12,1 M -16,6 M -16,6 M
Net cash 2021 13,6 M 18,8 M 18,8 M
P/E ratio 2021 -57,4x
Yield 2021 -
Capitalization 598 M 822 M 824 M
EV / Sales 2021 -
EV / Sales 2022 -
Nbr of Employees 463
Free-Float 43,7%
Chart SOLGOLD PLC
Duration : Period :
SolGold Plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SOLGOLD PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 6
Average target price 65,40 GBX
Last Close Price 28,70 GBX
Spread / Highest target 266%
Spread / Average Target 128%
Spread / Lowest Target 53,3%
EPS Revisions
Managers and Directors
NameTitle
Keith Marshall Interim Chief Executive Officer
Ingo Hofmaier CFO & Executive GM-Projects & Finance
Liam Anthony Twigger Chairman
Benn Whistler Manager-Technical Services
Robert Maurice Weinberg Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SOLGOLD PLC-11.42%822
BHP GROUP7.68%164 660
RIO TINTO PLC4.22%129 759
ANGLO AMERICAN PLC25.84%51 919
GRUPO MÉXICO, S.A.B. DE C.V.20.15%39 222
SAUDI ARABIAN MINING COMPANY (MA'ADEN)36.54%18 146