Gibraltar is the country’s second largest open pit copper mine. Last year it churned out 97 million pounds of copper, down 14% from the 112.3 million pounds it mined in 2021.
Gibraltar is operated through a joint venture which is owned 75% by Taseko and 25% by Cariboo Copper Corporation. Under the terms of the deal, Taseko will acquire Sojitz’s 50% interest in Cariboo, and will then hold an effective 87.5% interest in Gibraltar.
The acquisition price consists of a minimum of C$60 million ($44.3m) payable over a five-year period and potential contingent payments depending on Gibraltar mine revenues and copper prices over the next five years.
An initial C$10 million ($7.4m) will be paid to Sojitz upon closing and the remaining minimum amount will be paid in C$10 million annual instalments over the next five years.
“This is a logical and beneficial transaction for Taseko, providing immediate 17% growth in our attributable…
