Taseko Mines Limited, a prominent player in the mining industry, recently announced the successful acquisition of an additional 12.5% interest in the Gibraltar Mine. The transaction involved Taseko purchasing a 50% stake in Cariboo Copper Corporation from Sojitz Corporation. Prior to this acquisition, Taseko and Cariboo jointly operated Gibraltar Mine, with Taseko holding a 75% share and Cariboo the remaining 25%.

The financial terms of the deal included a fixed payment of C$60 million, which is to be paid over a five-year period. Additionally, the agreement includes potential contingent payments that are dependent on the copper revenues and prices at the Gibraltar Mine over the next five years. Taseko made an initial payment of C$10 million to Sojitz at the closing of the deal, and the rest of the minimum amount will be paid in annual installments of C$10 million each over the forthcoming five years.

This acquisition effectively increases Taseko’s interest in the Gibraltar Mine to 87.5%, significantly enhancing its stake in one of its key assets.