Taseko Mines Limited made a major announcement regarding Gibraltar Mines.
Yesterday (Monday March 25) Vice President, Corporate Affairs, Sean Magee, said Taseko re-acquired 100 percent interest in the mine from former partners who were minority owners.
Magee said that partnership with three other Japanese companies started back in 2010.
“That occurred at that time in part to finance the major expansion of the Gibraltar operation that occurred at that time. So it’s been 14 years since 100 percent interest was held by Taseko which is where we will be again today.”
Magee noted that Gibraltar Mines is their foundational asset on which the company was established and has generated revenue and profitability for Taseko for more than over twenty years.
“We have more than 20 years of define reserves left at Gibraltar . We expect to be operating in the Cariboo for at least that period of time, if not longer. This move is very much about a confidence in that asset and an indication that we believe in both Gibraltar and the future of copper markets given the demand for copper for energy transition for electric vehicles and other technologies. It’s very positive for us (Taseko) and really reflects the vote of confidence in Gibraltar as a key asset to the company.”
Magee added that they expect to be a strong contributing member of the Cariboo communities for several decades to come.