Newcrest Mining Limited (ASX:NCM) has invested a further US$40 million in London AIM-listed company, SolGold.
The gold miner invested the funds by taking advantage of SolGold’s US$41.2 million capital raising.
The transaction takes Newcrest’s holding in the gold and copper miner to 14.54 per cent.
SolGold’s principal asset is an 85 per cent interest in the Cascabel project in Ecuador, which is in exploration phase.
Newcrest says it increased its interest in the region, so that SolGold could continue to ramp up its drilling as the Cascabel project appears to be prospective.
Shares in Newcrest Mining Limited (ASX:NCM) are trading 0.85 per cent higher at $21.46.