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BHP's purchase of SolGold stake may spark bidding war with Newcrest

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BHP's purchase of SolGold stake may spark bidding war with Newcrest

BHP Billiton Group's purchase of a 6.1% stake in SolGold Plc may lead to a bidding war with Newcrest Mining Ltd., which owns a 14.5% stake in the Australian copper-gold miner, The Australian Financial Review reported Sept. 5.

Meanwhile, BHP has reportedly secured other exploration areas near SolGold's Ecuadorian tenement.

According to the report, SolGold Chief Executive Nick Mather said that he was not aware of BHP's plan to purchase the 6.1% stake from Guyana Goldfields Inc.

SolGold is the majority owner and operator of the Cascabel porphyry copper-gold project in Ecuador. Newcrest told the newspaper that it had Ecuadorian tenements, none of which shared a border with Cascabel.