The acquisition price consists of a minimum amount of C$60 million payable over a five-year period and potential contingent payments depending on Gibraltar mine copper revenues and copper prices over the next five years
TASEKO acquires stake in GIBRALTAR COPPER MINE. (Credit: PublicDomainPictures from Pixabay)
Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) (“Taseko” or the “Company”) is pleased to announce the completion of its acquisition of an additional 12.5% interest in the Gibraltar Mine from Sojitz Corporation (“Sojitz”). Gibraltar is operated through a joint venture which is owned 75% by Taseko and 25% by Cariboo Copper Corporation (“Cariboo”). Under the terms of the Agreement, Taseko has acquired Sojitz’s 50% interest in Cariboo, and now holds an effective 87.5% interest in the Gibraltar Mine.
The acquisition price consists of a minimum amount of C$60 million payable over a five-year period and potential contingent payments depending on Gibraltar mine copper revenues and copper prices over the next five years. An initial C$10 million has been paid to Sojitz upon closing and the remaining minimum amount will be paid in C$10 million annual instalments over the next five years.
Source: Company Press Release