December 1, 2025 – Shares of Chinese miner Jiangxi Copper surged on Monday following the rejection of its $1 billion bid to acquire U.K.-listed SolGold.

Jiangxi’s Hong Kong-listed shares jumped as much as 12% in early trade, before trimming gains to around 8%. A similar increase was seen in its Shanghai-listed stock.

The move came after SolGold’s board on Friday unanimously rejected Jiangxi’s takeover proposal. Jiangxi, SolGold’s largest shareholder with a 12.2% stake, had submitted two non-binding cash offers for the gold and copper miner, which operates primarily in Latin America.

Other significant SolGold shareholders include BHP Group and Newcrest Mining, holding 10.4% and 10.3% stakes, respectively.

Jiangxi said its acquisition bid remains non-binding and that it will announce its decision on whether to pursue the purchase by December 26, in line with U.K. regulatory requirements.

The mining sector has seen a surge in dealmaking as companies seek to secure copper supplies, essential for industries such as data centers and electric vehicles. Notably, in September, Anglo American and Teck Resources agreed to a merger, creating one of the world’s largest copper producers in one of the mining industry’s biggest deals.