- Write by:
-
Wednesday, September 5, 2018 - 9:46:31 AM
-
589 Visit
-
Print
Mining News Pro - Diversified miner BHP has struck a deal with TSX-listed Guyana Goldfields (GGI) to acquire its 6.1% interest in SolGold, which is the majority owner and operator of the Cascabel porphyry copper/gold project, in Ecuador.
According to Mining News Pro - Under the terms of the agreement, BHP will acquire GGI`s entire stake of 103.12-million shares in London- and Toronto-listed SolGold for an aggregate purchase price of £27.4-million or £0.26592 per share, representing a premium of about 20% to the 20-day volume-weighted average price of SolGold shares on the London Stock Exchange on September 4.
Closing of the transaction is expected to occur on or about September 6, and based on current exchange rates, the transaction consideration is expected to equate to about $35-million.
BHP CEO Andrew Mackenzie said the investment in SolGold would give the company exposure to a high-quality copper exploration project in Ecuador, which is a highly prospective location for BHP.
Consistent with our positive long-term outlook, copper is a key exploration focus for BHP as we seek to replenish our resource base and grow this important business.”
GGI president and CEO Scott Caldwell said that the sale of the company’s shares in SolGold would significantly strengthen its balance sheet and would leave GGI well positioned to deliver on its targeted production growth over the near term.
He pointed out to shareholders, on Wednesday, that its initial purchase price for its 6.1% stake in SolGold was $10-million.
Short Link:
https://www.miningnews.ir/En/News/254961
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
Adriatic Metals is taking over as the operator of the Rupice deposit development, which is part of the company’s Vares ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
No comments have been posted yet ...