Jiangxi Copper, one of China’s largest state-owned mining enterprises, has reached an agreement. They would gain control of SolGold, a London-listed, copper-gold miner, which they’d acquire for $1.2 billion. This significant deal was finalized on a Thursday and announced on December 25, 2025, at 15:29 JST in Tokyo. Jiangxi Copper would become operator of the Cascabel project. This mining initiative is known to be one of the largest in Ecuador, creating a storm of controversy around this and other projects.
The Cascabel project, that has gained significant media attention for its mineral wealth, has been largely owned and operated by SolGold. This deal underscores Jiangxi Copper’s strategic ambitions to break into the South American mining market. The firm plans a massive expansion of its copper production capacity. Independently Jiangxi Copper intends to start production at the Cascabel project as soon as 2028. This move will cement its iron grip on the growing global copper market.
Even before securing control of the purchase, Jiangxi Copper had made a first bid for the take-over of SolGold, which was turned down. The persistence of Jiangxi Copper led to a successful negotiation that resulted in the full acquisition of all shares of SolGold. This step will provide Jiangxi Copper with a firm footing in Ecuador. Copper resources are becoming more and more important there largely because of increasing global demand for the metal.
This announcement coincides with a historic moment of transformation in the country’s mining sector. Market forces, combined with geopolitical considerations, have introduced significant volatility to the equation. Jiangxi Copper’s acquisition reflects a broader trend of investment by Chinese firms in international mining projects, particularly in resource-rich regions such as South America.
That purchase has now gone through. Jiangxi Copper is prepared to invest significant funds in the infrastructure and operations necessary to bring the Cascabel project into production. The company’s commitment to starting operations by 2028 demonstrates its confidence in the project’s potential profitability and its strategic importance in addressing the growing demand for copper worldwide.