The Newcrest Mining Limited (ASX: NCM) share price has had a solid start to the week and in afternoon trade is up almost 1.5% to $21.56.
This morning the gold miner announced that it has increased its stake in the highly sought after Brisbane-based gold mining company SolGold plc.
Newcrest has invested a further US$40 million in the London AIM-listed company and now holds 14.5% of the issued equity in SolGold.
Late last year mining giant BHP Billiton Limited (ASX: BHP) unsuccessfully attempted to snare SolGold from under the noses of Newcrest.
BHP made a conditional, non-binding offer to acquire a 10% stake in Brisbane-based SolGold for US$30 million. But SolGold’s management rebuffed the proposal.
BHP had its eyes on SolGold’s Cascabel project in Ecuador.
According to the Australian Financial Review, Cascabel’s copper, gold, and zinc deposit has been compared to the world class Oyu Tolgoi copper mine in Mongolia owned by Rio Tinto Limited (ASX: RIO).
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.