HK Stock Market Move | JIANGXI COPPER (00358) opens nearly 10% higher, the company plans to spend no more than 7.64 billion pounds to acquire SolGold.

JIANGXI COPPER (00358) opened nearly 10% higher, as of the time of writing, it has risen by 9.99% to HKD 40.96 with a trading volume of 78.23 million Hong Kong dollars. On the news front, JIANGXI COPPER announced that its wholly-owned subsidiary Jiangtong Hong Kong Investment will acquire all the issued and to be issued ordinary shares of SolGold plc with full cash consideration. Based on the total number of issued shares of SolGold as of the announcement date and the outstanding options (excluding the shares already held by Jiangtong Hong Kong Investment), the maximum total consideration that Jiangtong Hong Kong Investment may pay for the acquisition will not exceed 764 million pounds. The completion of the acquisition is subject to the approval of SolGold shareholders and the satisfaction or waiver of other conditions. Public information shows that the company has been a shareholder of SolGold since November 2020 and is currently the largest single shareholder of SolGold, holding approximately 12.2% of its issued shares. SolGold's shares are publicly traded on the Main Board of the London Stock Exchange. SolGold's flagship project Cascabel is located in the Imbabura province in northern Ecuador, and is one of the most significant undeveloped porphyry copper-gold deposits in the world, with the potential to become a landmark mining project in South America.