https://www.miningweekly.com

Taseko sells gold project on Graham Island

13th July 2021

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Canadian miner Taseko Mines has agreed to sell its Harmony gold project on Graham Island, off the coast of British Columbia, to a newly incorporated company controlled by JDS Energy and Mining.

JDS Gold will acquire the high-grade development stage project, which has a historical resource containing more than three-million ounce of gold.

Previous owners of the project have carried out more than 80 000 m of drilling in 543 holes.

Taseko purchased the project in late 2001 and advanced engineering work until 2008, when the company focused efforts on its Gibraltar mine.  

"As a mining development company, we are always in search of high-quality projects in safe jurisdictions, particularly in Canada. Harmony, which had been in Taseko's inventory for two decades, is a mining project which fits very well within the JDS group. With our engineering, permitting and mine construction expertise, we believe we can advance this project and create significant value for all stakeholders,” said JDS Energy and Mining CEO Jeff Stibbard.

Taseko will retain a 15% carried interest in JDS and a 2% net smelter return royalty on the project. 

Taseko also has the right to terminate the agreement and revert to 100% ownership of Harmony in the event JDS does not achieve certain project development milestones and an initial public offering or other liquidity event within an agreed timeframe.

“With Florence Copper expected to commence construction later this year and our large-scale Yellowhead Copper project preparing to enter the environmental assessment process, we did not expect to be in a position to advance Harmony for a number of years. JDS Energy and Mining has a proven track record of developing mineral projects, and this transaction structure allows Taseko to participate in their success and create value from this asset in the near-term,” said Taseko president and CEO Stuart McDonald.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.96s - 111pq - 2rq
Subscribe Now