Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

BHP Plans to Increase Its Stake in Ecuador-Focused SolGold

Stock Markets Nov 25, 2019 01:12AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
Copper
+0.40%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Bloomberg) -- BHP Group, the world’s biggest miner, plans to increase its stake in SolGold Plc, the developer of projects in copper hot spot Ecuador, according to people familiar with the proposal.

Melbourne-based BHP will add to its existing 11% holding in SolGold and become the developer’s largest shareholder ahead of Newcrest Mining Ltd., the people said, asking not to be identified because the matter is confidential. An announcement detailing the size of the investment could be made within days.

BHP and SolGold declined to comment.

Brisbane-based SolGold’s interests in Ecuador include the flagship Alpala copper-gold project, which the company estimates has a potential 55-year life and is among the world’s best undeveloped deposits. The company is also studying 13 other priority targets in the nation, according to a presentation this month.

BHP, preparing to install Mike Henry as its new chief executive officer from January, is prioritizing future growth in copper and oil, and sees Ecuador as a key focus for new mining projects. Dwindling supply from aging copper mines and rising demand from renewable energy and the electric vehicle sector will combine to boost the metal’s outlook, the miner said in August.

The company is also partnering with Luminex Resources Corp. on a project in southeastern Ecuador and carrying out its own work in the country.

Exploration will be “the most cost effective way” of adding to the company’s growth pipeline, outgoing CEO Andrew Mackenzie said last month in a webcast. “We have positions in some very prospective parts of the world where we think we can add significantly to our resource base.”

BHP Plans to Increase Its Stake in Ecuador-Focused SolGold
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email