Taseko once again owns 100% of Gibraltar mine
Toronto-listed Taseko Mines has struck a deal to buy the remaining 12.5% interest in the Gibraltar openpit copper mine, in British Columbia.
Under the agreement, announced on Monday, Taseko will buy the shares that Dowa Metals and Mining and Furukawa Co own in Cariboo Copper, taking its interest in the asset to 100%.
The acquisition price consists of C$117-million over ten years, as well as potential contingent payments depending on copper prices and Gibraltar’s cash flow.
“We are happy to once again own 100% of the Gibraltar mine, our foundational asset, which will continue to generate strong returns for the company for many years to come,” said president and CEO Stuart McDonald.
The acquisition provides 14% growth in Taseko’s attributable copper production, and is immediately cash flow accretive as the group advances construction at its Florence Copper project, in the US.
Under the Cariboo offtake arrangements entered into in 2010, Dowa and Furukawa were entitled to receive 30% of Gibraltar's copper concentrate offtake for the life-of-mine, at benchmark terms. Upon closing of this acquisition, the Cariboo offtake agreement will be terminated and Taseko will retain full marketing rights for 100% of Gibraltar's concentrate offtake going forward.
McDonald added that Taseko had established a positive relationship with Dowa and Furukawa over the last 14 years. Both groups are reducing their copper smelting businesses and are exiting their copper mining investments.
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