BHP has entered into an agreement with Guyana Goldfields to acquire its 6.1 per cent interest in SolGold, the majority owner and operator of the Cascabel porphyry copper-gold project in Ecuador.

BHP is purchasing approximately 103.1 million shares in SolGold from the Canadian company Guyana Goldfields for an announced price of £27.42 million (AUD$49.1 million), a 20 per cent premium on SolGold’s 20-day volume-weighted average price (VWAP) on the LSE.

BHP Chief Executive Officer, Andrew Mackenzie, said the investment in SolGold would give BHP exposure to a high-quality copper exploration project in Ecuador, which is a highly prospective location for BHP.

“Consistent with our positive long-term outlook, copper is a key exploration focus for BHP as we seek to replenish our resource base and grow this important business.” Under the terms of the agreement with Guyana, BHP will acquire 103.1 million shares in SolGold, which is listed on the London Stock Exchange (LSE) and the Toronto Stock Exchange.

Source: www.bhp.com

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