Taseko concludes acquisition of Curis, Florence copper project
JOHANNESBURG (miningweekly.com) – Copper miners Taseko Mines and Curis Resources have concluded a deal that will see Taseko acquire all issued and outstanding common shares in Curis – converting the Arizona-focused producer into a wholly owned Taseko subsidiary.
Curis was focused on advancing its 100%-owned Florence copper project, in Arizona, in the US, to production and continued to advance engineering, testwork, environmental studies and permitting for Phase 2 commercial operations.
Under the terms of the transaction, Curis shareholders would receive 0.438 of a Taseko common share for each Curis common share held, while outstanding options to acquire Curis common shares would be exchanged for Taseko common shares.
Curis common shares were expected to cease trading and be delisted from the TSE after the close of trading on or about November 25.
The deal was approved by security holders of Curis at a special meeting on November 10, 2014, after which the British Columbia Supreme Court issued a final order approving the deal on November 17.
Taseko president and CEO Russell Hallbauer believed the transaction created significant, long-term value for Taseko shareholders.
“The advanced-stage Florence copper project is a high-quality asset with large copper reserves, a favourable capital and operating cost structure and access to key infrastructure.
“With the Curis acquisition now complete, we can focus on project development and permitting initiatives for the project. We feel it is at the stage where Taseko management can support the Florence project team to achieve significant milestones in the near term,” he said in a statement.
Headquartered in Vancouver, Canada, Taseko was the 75% owner and operator of the Gibraltar mine – the second-largest openpit copper molybdenum mine in Canada.
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