Taseko Mines Limited has entered into a definitive agreement to acquire an additional 12.5% interest in the Gibraltar Mine from Sojitz Corporation.
Under the terms of the agreement, Taseko will acquire Sojitz’s 50% interest in the Cariboo and hold an 87.5% interest in the Gibraltar Mine.
“We had an opportunity to enter an agreement with Sojitz, which is one of three Japanese entities that had bought a position in the Gibraltar mine some time ago and we’ve re-acquired their interest in Gibraltar for 12 and a half percent.” Sean Magee, Vice President of Corporate Affairs for Taseko Mines Limited said, “We see it as a very positive transaction for Taseko and from our perspective, a strong vote of confidence in the Gibraltar Mine which we see as a high-quality and long-life copper producing asset that will be operating in the Cariboo until at least 2045.”
Gibraltar is operated through a joint venture which is owned 75 percent by Taseko and 25 percent by Cariboo Copper Corporation.
Under the terms of the agreement, Taseko will acquire Sojitz’s 50% interest in the Cariboo and hold an 87.5% interest in the Mine.
The acquisition price consists of a minimum amount of $60 million payable over a five-year period and potential contingent payments depending on Gibraltar mine revenues and copper prices over that time.
“There’s really no change in the operating status of the mine, it will continue to operate and employ folks in the Cariboo as we had forecast for some period of time and we remain excited about the future of Gibraltar and proud of our employees and the contributions we, make to the community,” Magee said.