China-based Jiangxi Copper has increased its takeover bid for SolGold to £842m ($1.12bn), valuing the miner at 28p per share. SolGold’s board is inclined to recommend the offer to shareholders. This is Jiangxi Copper’s third attempt to acquire SolGold, with a 7.7% increase from the previous proposal.

BHP Billiton and Newmont have expressed support for the revised offer, along with Maxit Capital and SolGold CEO Nicholas Mather. Jiangxi Copper has been a major SolGold shareholder since December 2022, holding around 12.2% of the company’s issued share capital. With support from key shareholders, JCC now holds 40.7% of SolGold’s share capital.

The surge in gold prices this year, driven by global tensions, has spurred consolidation in the mining sector. Jiangxi Copper’s increased bid for SolGold reflects the strong demand for safe-haven assets like gold. The offer has received support from major players in the industry, signaling confidence in the deal.

Read more at Yahoo Finance: Jiangxi Copper increases SolGold takeover bid to $1.12bn