BHP Billiton Seeks Copper Growth With SolGold Stake
04 Septiembre 2018 - 7:19PM
Noticias Dow Jones
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd. (BHP.AU) said it will acquire a 6.1%
interest in copper explorer SolGold PLC (SOLG.LN) as the world's
largest mining company seeks to boost its exposure to a metal used
in everything from smartphones and electric vehicles to air
conditioners.
BHP said it inked an agreement with Guyana Goldfields Inc. to
buy its roughly 103 million shares in SolGold, which runs the
Cascabel copper and gold project in Ecuador, for about 27 million
pounds (US$35 million).
SolGold in 2016 rejected an offer from BHP to invest in the
company and develop its flagship Cascabel project, instead picking
a competing investment by Australia-based Newcrest Mining Ltd.
(NCM.AU) and Maxit Capital LP.
"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," BHP Chief Executive Andrew
Mackenzie said on Wednesday.
BHP said it will pay 26.592 pence per SolGold share, a 20%
premium to the 20-day volume-weighted average on London's stock
exchange.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
September 04, 2018 20:04 ET (00:04 GMT)
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