By Megan Cheah
Shares of Jiangxi Copper rose Monday after the Chinese miner's $1 billion bid to take over U.K.-listed SolGold was rejected.
Jiangxi's Hong Kong-listed shares rose as much as 12% in early trade before paring gains to 8%. Its stock was last up by a similar amount in Shanghai.
That came after SolGold's board said Friday it had unanimously rejected the takeover proposal from Jiangxi--its biggest shareholder, according to FactSet.
Jiangxi had submitted two non-binding cash offers to acquire SolGold, which focuses on gold and copper mining and has operations in Latin America.
Nanchang-based Jiangxi already has a 12.2% stake in the company. Mining groups BHP Group and Newcrest Mining hold stakes of 10.4% and 10.3% in SolGold, respectively, according to FactSet.
Jiangxi said its acquisition bid remains in the non-binding offer stage, and that it will announce whether it intends to buy SolGold by Dec. 26, as required by U.K. regulations.
There has been a flurry of dealmaking in mining fueled in part to companies' push to secure supplies of copper, a key component in sectors from data centers to electric vehicles.
In September, Anglo American and Teck Resources agreed to a merger that will create one of the world's biggest copper producers in one of the largest-ever deals in the mining industry.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
November 30, 2025 23:37 ET (04:37 GMT)
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