{"id":1151631,"date":"2019-11-25T10:43:35","date_gmt":"2019-11-25T16:43:35","guid":{"rendered":"https:\/\/www.mining.com\/?p=1007616"},"modified":"2019-11-25T10:43:35","modified_gmt":"2019-11-25T16:43:35","slug":"bhp-becomes-ecuador-focused-solgolds-largest-shareholder","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1151631","title":{"rendered":"BHP becomes Ecuador-focused SolGold\u2019s largest shareholder"},"content":{"rendered":"<p>World\u2019s largest miner BHP (ASX, LON, NYSE:BHP)&nbsp;has<br \/>\nincreased its stake in Australian miner SolGold (LON:SOLG) (TSX:SOLG) to 14.7%<br \/>\nfrom 11.1%, which boosts its exposure to copper, one of the key metals for the world\u2019s<br \/>\ngreen initiatives.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The mining giant <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bhp.com\/media-and-insights\/news-releases\/2019\/11\/copper-update-additional-interest-in-solgold\" >said on Monday<\/a> it had paid 17.1 million pounds ($22 million)&nbsp;to raise its interest in SolGold, a move that makes it the Ecuador-focused company\u2019s top shareholder. Such position <a href=\"https:\/\/www.mining.com\/australias-top-gold-miner-boosts-bets-ecuador-copper-project\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">was held until today by Australia\u2019s largest gold produ<\/a>cer, Newcrest Mining (ASX: NCM).<\/p>\n<p>The deal, which also gives BHP options to purchase another 19.25 million shares by 2024, stipulates that it won\u2019t acquire further shares for two years without SolGold\u2019s consent.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>SolGold\u2019s flagship project may become one of the largest copper-gold porphyry systems ever discovered.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The rising mine developer has attracted a flurry of interest from big industry actors eager to increase their exposure to copper. The highly conductive metal is in demand for its use in renewable energy and electric vehicles, but big, new deposits are rare.<\/p>\n<p>SolGold\u2019s Cascabel copper-gold project is one of those exceptional<br \/>\nfinds as it has the potential to become one of the largest copper-gold assets<br \/>\never discovered with an estimated productive mine-life of 55 years.<\/p>\n<p>Recent recoveries at the project, located in in northern&nbsp;Ecuador, could add $8.7 billion of revenue over the life of Cascabel, the company <a href=\"https:\/\/www.mining.com\/solgold-strikes-again-in-ecuadors-andean-copper-belt\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said in October<\/a>.<\/p>\n<p>SolGold is also studying 13 other priority targets in the Andean nation, according to a&nbsp;<a href=\"http:\/\/www.solgold.com.au\/wp-content\/uploads\/2019\/11\/SolGold_Corporate_PPT_Munich-.pdf\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">presentation&nbsp;delivered this month<\/a>.<\/p>\n<h2><strong>From Hotspot to Producer<\/strong><\/h2>\n<p>Ecuador, the new darling of copper prospectors,&nbsp;expects<br \/>\nto attract $3.7 billion in mining investments over the next two years, up<br \/>\nsignificantly from the $270 million it received in 2018.<\/p>\n<p>The country is moving forward with plans to move from an<br \/>\nexplorers hotspot to mining exporter as its only large-scale copper mine&nbsp;<a href=\"https:\/\/www.mining.com\/ecuador-moving-from-explorers-hotspot-to-copper-exporter-with-first-cargo\/\"  rel=\"noreferrer noopener\">readies to ship its first large cargo this month<\/a>. The $1.4<br \/>\nbillion Mirador open-pit mine, which opened in July, is owned by a joint<br \/>\nventure of Tongling Nonferrous Metals Group and China Railway Construction<br \/>\n(EcuaCorriente),<\/p>\n<p>Canada\u2019s Lundin Gold (TSX:LUG), which has been developing its Fruta del Norte gold-silver project for almost two years, has <a href=\"https:\/\/www.mining.com\/lundin-kicks-off-production-at-fruta-del-norte-mine-in-ecuador\/\"  rel=\"noreferrer noopener\" aria-label=\"produced its first dor\u00e9 and gold concentrate, (opens in a new tab)\">produced its first dor\u00e9 and gold concentrate,<\/a> and is on track to beginning commercial activities in the second quarter of 2020.<\/p>\n<p>Other than Cascabel, another three major copper projects are due to be in production by 2024: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.mining.com\/ecuador-mining-reforms-good-news-lumina-golds-project\/\" >Lumina Gold\u2019s (TSX-V:LUM) (OTC:LUMAF) Cangrejos<\/a> and Codelco-Enami Ecuador\u2019s <a href=\"https:\/\/www.mining.com\/chiles-codelco-set-to-get-a-slice-of-ecuadors-copper-riches\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Llurimagua mine<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s largest gold producer Newcrest Mining was, until now, SolGold&rsquo;s largest shareholder.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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