Taseko Mines ( NYSE: TGB ) said Wednesday it agreed to acquire an additional 12.5% stake in the Gibraltar copper-molybdenum mine in British Columbia from Sojitz Corp., raising its interest in the mine to 87.5%.
Taseko ( TGB ) said it will pay C$60M over a five-year period plus potential contingent payments depending on Gibraltar mine revenues and copper prices over the next five years.
Gibraltar is operated through a joint venture owned 75% by Taseko ( TGB ) and 25% by Cariboo Copper Corp.
"This is a logical and beneficial transaction for Taseko, providing immediate 17% growth in our attributable copper production and earnings from mine operations," President and CEO Stuart McDonald said.
Taseko Mines ( TGB ) recently secured $25M in financing from Bank of America for Florence Copper and reached a deal with with Mitsui for $50M in exchange for 2.67% of Florence Copper's production .
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Taseko Mines raises stake in Gibraltar mine following C$60M deal