Taseko closes acquisition of 12.5% in Gibraltar copper mine
Base metals miner Taseko Mines has completed its acquisition of an additional 12.5% interest in the Gibraltar mine, in Canada, from Japanese group Sojitz, increasing its interest to an effective 87.5%.
Gibraltar is operated through a joint venture, which is owned 75% by Taseko and 25% by Cariboo Copper. Taseko bought Sojitz’s 50% interest in Cariboo, increasing its effective interest in the mine to 87.5%.
The acquisition price consists of C$60-million payable over five years and potential contingent payments depending on copper and gold prices.
An initial C$10-million has been paid to Sojitz upon closing and the remaining minimum amount will be paid in C$10-million yearly instalments over the next five years.
Taseko president and CEO Stuart MacDonald previously said that the acquisition was a logical and beneficial transaction for the company, immediately increasing its attributable copper production by 17%.
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