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 C$117 million, about £68.2 million, for the remaining 12.5% stake is payable over 10 years, with an initial C$5 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.
Copyright 2024 Alliance News Ltd. All Rights Reserved.