25th Mar 2024 11:23
(Alliance News) - Taseko Mines Ltd on Monday said it entered into a deal to buy remaining stake in the Gibraltar mine in British Columbia, Canada from Dowa Metals & Mining Co Ltd and Furukawa Co Ltd.
The North America-focused mining company said the sum of CAD117 million, about GBP68.2 million, for the remaining 12.5% stake is payable over 10 years, with an initial CAD5 million to be paid to Dowa and Furukawa shortly. Annual payments will start in March 2026, Taseko added.
The Gibraltar mine is the second largest open-pit copper mine in Canada, Taseko states on its website. The company aims to support copper and molybdenum production until at least 2044.
Taseko Chief Executive Officer Stuart McDonald said: "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. This acquisition provides 14% growth in our attributable copper production, and is immediately cashflow accretive as we advance construction at our Florence copper project."
Taseko shares rose 3.2% to 160.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.