Solaris Resources and Zijin Mining Sign Agreement to Promote Mining
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The future of mining is strengthened with Zijin's investment in Solaris Resources 

The future of mining is strengthened with Zijin’s investment in Solaris Resources 

In a strategic move set to redefine the mining sector landscape, Solaris Resources Inc. announced a subscription agreement with Zijin Mining Group Co., Ltd. on January 11, 2024. This impressive $130 million deal focuses on the private placement of Solaris common shares at $4.55 each.


The move by Zijin, one of the world’s largest and most successful mining companies, involves a $130 million investment through the acquisition of 28,481,289 Solaris common shares. This price represents a 14% premium over the closing value of the shares on the Toronto Stock Exchange on January 10th. With this transaction, Zijin will own approximately 15% of Solaris’ common shares, signifying a noteworthy milestone in the industry.


Daniel Earle, President and CEO of Solaris, has conveyed his excitement about this partnership, emphasizing the rich history and Zijin’s formidable technical and financial prowess. This collaboration is expected to maximize the potential of the Warintza Project, located in southeastern Ecuador, one of the last low-elevation Greenfield copper districts with access to key infrastructure.


The funds obtained from this private placement will be mainly allocated to Warintza’s advancement and development, as well as to meet working capital needs and general corporate purposes. This agreement also allows Zijin to nominate a member to Solaris’ board of directors, as long as they maintain at least a 5% stake in common shares.


This strategic agreement is subject to various regulatory approvals, including those of the Toronto Stock Exchange and the Canadian and Chinese investment authorities. With the support of renowned transactional advisors, Solaris and Zijin are gearing up for a promising future in the mining industry.