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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (170313)	2/27/2023 4:11:17 PM
From: LoneClone	Read Replies (1) of 192642

Taseko Mines to increase its stake in the Gibraltar copper mine in B.C. ca.finance.yahoo.com Wed, February 22, 2023 at 6:11 a.m. PST·1 min read VANCOUVER — Taseko Mines Ltd. says it has signed a deal to increase its stake in its Gibraltar copper mine in B.C. in an agreement worth at least $60 million. Under the terms of the deal, Taseko will acquire Sojitz Corp.'s 50 per cent stake in Cariboo Copper Corp. which holds a 25 per cent stake in the mine. Cariboo's other shareholders are Dowa Metals & Mining Co. Ltd with 25 per cent and Furukawa Co. Ltd. with 25 per cent. The acquisition will give Taseko, which already owns a 75 per cent stake in Gibraltar, an effective 87.5 per cent interest. In exchange for Sojitz's stake, Taseko has agreed to make an initial minimum payment of $10 million due on closing and annual payments of $10 million over the next five years. The company will also make contingent payments for five years depending on the average copper price. The total contingent payments cannot exceed $57 million over the five-year period. This report by The Canadian Press was first published Feb. 22, 2023.

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