Taseko acquires 100% of Gibraltar Mine

Taseko Mines Limited has announced that it has entered into…


Taseko Mines Limited has announced that it has entered into a definitive agreement to acquire the remaining 12.5% interest in the Gibraltar Mine from Dowa Metals & Mining Co., Ltd. and Furukawa Co., Ltd.

Under the terms of the Agreement, Taseko will acquire Dowa and Furukawa’s shares in Cariboo Copper Corp and will then own 100% of Cariboo shares and have an effective 100% interest in the Gibraltar Mine.

The acquisition price consists of a minimum amount of CAN$117 million payable over a period of ten years and potential contingent payments depending on copper prices and Gibraltar’s cashflow. An initial CAN$5 million will be paid to Dowa and Furukawa (CAN$2.5 million each) shortly following closing and the remaining amounts will be settled with annual payments commencing in March 2026.

Stuart McDonald, President and CEO of Taseko, commented, “We are happy to once again own 100% of the Gibraltar mine, our foundational asset, which will continue to generate strong returns for the company for many years to come. This acquisition provides 14% growth in our attributable copper production, and is immediately cashflow accretive as we advance construction at our Florence Copper Project.

We also receive additional offtake rights as the Cariboo offtake contract comes back to Taseko, providing potential cost savings and longer-term strategic benefits as we continue to develop our North American copper production profile.”

“We have established a positive relationship with Dowa and Furukawa over the last 14 years. Given that both groups are reducing their copper smelting businesses and are exiting their copper mining investments, we’ve been able to structure this exit from our long-term partnership in a mutually beneficial manner,” concluded Mr. McDonald.

Read the article online at: https://www.globalminingreview.com/mining/27032024/taseko-acquires-100-of-gibraltar-mine/





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