BHP: buys 6.1% stake in Ecuador copper-gold field

(CercleFinance.com) - BHP has entered into an agreement with Guyana Goldfields to acquire its 6.
1% interest in SolGold, the majority owner and operator of the Cascabel copper-gold project in Ecuador, the mining giant said on Wednesday.

Under the terms of the agreement, BHP will acquire 103.1 million shares in SolGold, which is listed on both the London Stock Exchange (LSE) and the Toronto Stock Exchange.

The purchase price is close to 26.6 pence per share, representing a 20% premium to the LSE average LSE price of 22.2 pence.

This corresponds to a total price of 27 million pounds (about 30 million euros).

In its statement, BHP justifies its investment by the need to replenish its copper resource base and grow this key business.

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