Australian miner Newcrest Mining Ltd increased its stake in Ecuador’s gold and copper developer SolGold Plc, moving further away from the company’s second largest investor, BHP Group.
Newcrest International Pty paid 11,148 million pounds (14.06 million dollars) for 27.87 million shares of SolGold at 0.40 pounds per share, a premium of 12.8 percent. That raised its stake from 13.83 to 15.33 percent, Newcrest said in a presentation to the London Stock Exchange.
BHP has an 11.1 percent share.
“Clearly, Newcrest maintains its interest in SolGold,” said Daniel Morgan, an analyst at UBS in Sydney. “Both BHP and Newcrest see a lot of potential in the organization,” he added. (I)