BHP acquires stake in copper miner SolGold for $35mn

The Melbourne-headquartered mining and petroleum company, BHP, has announced its acquisition of a minority stake in SolGold Plc.

The firm bought a 6.1% stake in the Australian gold and copper miner listed on the London and Toronto Stock Exchanges.

BHP acquired the shares from the Canadian gold mining firm, Guyana Goldfields Inc, for $35.2mn – paying a 20% premium on its closing price at $0.34 per share.

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“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,” stated Andrew MacKenzie, CEO off BHP.

SolGold is the majority owner and operator of the Cascabel porphyry copper-gold project, located in Ecuador.