BHP Billiton buys 6 per cent stake in Ecuador's SolGold Copper Mine for $35 million

SMM, Sept. 5: global mining giant BHP Billiton said Wednesday it will pay $35.2 million for a 6.1% stake in SolGold. SolGold PLC is a major shareholder and operator of the Cascabel copper project in Ecuador.

BHP Billiton said in a statement to the Australian Stock Exchange that it would pay about 27.4 million pounds ($35.2 million) from the Guiana Golden Field Company (Guyana Goldfields Inc.) To acquire 103.1 million shares in SolGold. In October 2016, SolGold rejected BHP's bid for a 10 per cent stake. Nick Mather (Nick Mather), the current chief executive, said the deal proposed by BHP at the time was "very inadequate".

SolGold, whose largest shareholder is Newcrest Mining Ltd (NCM.AX, a gold miner listed on the Australian Stock Exchange, added $40 million to SolGold in June 2017, increasing its stake to 14.54 per cent.

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