Hong Kong Stocks Movement | JIANGXI COPPER (00358) Rises Over 3% After Third Bid for SolGold, Expected to Boost Copper Output

Stock News12-17

JIANGXI COPPER (00358) surged over 3% in trading, reaching HK$35.1 with a turnover of HK$314 million. The company has raised its offer for UK-listed SolGold to 28 pence per share, valuing the deal at approximately £842 million ($1.13 billion). This marks JIANGXI COPPER's third bid in three weeks for SolGold, which holds Ecuador's premier copper-gold mining project. The acquisition has secured support from SolGold's major shareholders and is expected to significantly increase copper production post-deal.

Citigroup noted that while JIANGXI COPPER's copper smelting margins may decline next year, higher copper, gold, and sulfuric acid prices are likely to drive overall profitability. The bank maintains a "Buy" rating for both A-shares and H-shares, citing attractive valuations.

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