Taseko inks definitive agreement to acquire 12.5% interest in Gibraltar copper mine

- Taseko Mines announced today that it has entered into a definitive agreement to acquire an additional 12.5% interest in the Gibraltar mine from Sojitz Corporation.

"An initial C$10 million will be paid to Sojitz upon closing and the remaining minimum amount will be paid in C$10 million annual instalments over the next five years," the company said in a statement. Gibraltar is operated through a joint venture which is owned 75% by Taseko and 25% by Cariboo Copper Corporation. Under the terms of the agreement, Taseko will acquire Sojitz’s 50% interest in Cariboo, and will then hold an effective 87.5% interest in the Gibraltar mine.

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Taseko pays C$60m for additional stake in GibraltarBase metals miner Taseko on Wednesday announced a C$60-million transaction to buy an additional 12.5% interest in the Gibraltar copper mine, in Canada. The company will acquire the additional stake from Japanese trading house Sojitz, which earlier this month said it is selling its interest in the mine due to unstable operations, declining grade and increased risk of environmental liabilities.
Source: MiningWeeklyCA - 🏆 48. / 63 Read more »