Taseko owns 75% cent of the joint venture that operates Gibraltar, while Cariboo Copper Corp. has the other 25%. Sojitz Corp. owns half of Cariboo.
The Vancouver-based miner said the prospective agreement contemplates a modest upfront payment upon closing and additional annual payments over a five-year period, dependent on Gibraltar’s copper revenues.
Definitive agreements haven’t been finalized and a transaction remains subject to various board, regulatory and other approvals, Taseko said.
Sojitz said on Thursday the main reasons for considering selling its interest in the British Columbia-based mine were unstable operations, declining grades and increased risk of environmental liabilities.
Taseko’s other Japanese partners, Furukawa and DOWA Holdings, which hold 6.25% stake each in Gibraltar, separately said they had made no decisions on the future of their stakes.
The Canadian copper mine churned out last year 97…
