Taseko Mines with 100% shares in the Gibraltar Mine

Full control

Taseko Mines Limited in a press release has informed that it acquired the remaining 12.5% shares in the Gibraltar Mine from Dowa Metals & Mining and Furukawa Co. Ltd.  The acquisition price is a minimum of CAD 117 million which will be payable over ten years and potential contingent payments depending on copper prices and Gibraltar’s cashflow. The initial payment of a total of CAD 5 million will be paid to Dowa and Furukawa (each company will have an equal share) shortly following closing. The remaining amount will be settled with annual payments commencing in March 2026.

Positive relationship

Stuart McDonald after the agreement has stated: “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.”

He has also highlighted the good relationship between Taseko, Dowa Metals, and Furukawa: “We have established a positive relationship with Dowa and Furukawa over the last 14 years. Given that both groups are reducing their copper smelting businesses and are exiting their copper mining investments, we’ve been able to structure this exit from our long-term partnership in a mutually beneficial manner.”

Gibraltar Mine

In 2023, the mine produced a total of 122.6 million pounds of copper. It has a processing capacity of 85,000 tons per day and life of mine average annual copper production of 130 million pounds. The company will support copper and molybdenum production until at least 2044.