Taseko Mines Finalizes Deal to Acquire an Even Larger Stake in Gibraltar Mine

Taseko Mines has finalized a deal proposed earlier this month to purchase an even larger stake in the Gibraltar Mine.

Gibraltar is operated through a joint venture, of which 75 percent is owned by Taseko, and 25 percent by Cariboo Copper.

Prior to today’s purchase, Japan-based Sojitz Corporation had owned a 50 percent interest in the shares held by Cariboo Copper.

Now, Taseko will pay Sojitz a minimum of $60 million over the next five years to acquire their interest in the Williams Lake-area mine.

With the acquisition, Taseko holds an effective 87.5 percent interest, which they say will result in an immediate 17 percent growth in attributable copper production.