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Copper update - additional interest in SolGold

BHP has entered into a new share subscription agreement with SolGold Plc (SolGold) under which BHP will subscribe for 77 million new SolGold shares for an aggregate subscription price of £17,055,500.

SolGold is the majority owner and operator of the Cascabel porphyry copper-gold project in Ecuador.

Following completion of the private placement, BHP’s interest in SolGold would increase from 11.1 per cent to 14.7 per cent.

BHP has agreed to pay 22.15 pence per SolGold share, which represents a 9.3 per cent premium to the 20 day volume-weighted average London Stock Exchange price of 20.26 pence per share as determined as at last close on 22 November 2019.

Under the terms of the new share subscription agreement, BHP will also receive options over 19.25 million SolGold shares which are exercisable until 25 November 2024 at a price of 37 pence per share.