Taseko Mines received the remaining 12.5 per cent of the Gibraltar Mine ownership and 12.7 million USD cash.
The Company announced the news via a news release. The release also stated a late December transition between Taseko and Osisko Gold Royalties amended the Gibraltar Silver Stream agreement as well.
Taseko now has 100 per cent of the attributable silver production on top of the copper and molybdenum production.
Taseko says this transaction was negotiated when the company took over the Gibraltar Copper Mine, roughly 61 kilometres North of Williams Lake, in March of last year. The Company added that the $12.7 million will help “strengthen” its balance sheets as it moves into more construction for safety and deeper mining.
As well as the amendment, Taseko announced its year-end copper and molybdenum production of 106 million pounds and 1.4 million pounds respectively.
Taseko projects with the construction and more mining, its copper production alone may significantly increase to 120 to 130 million pounds compared to last year. The final production weigh-in is expected to happen in the latter half of this year.
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