Taseko in discussions with Sojitz for Gibraltar Mines share acquisition

DOWA Holdings

03/02/2023 14:15

Feb 3 (Reuters) - Canada-based Taseko Mines Limited
 TKO.TO  said on Friday it was in confidential discussions with
Japanese trading house Sojitz Corp  2786.T  over the potential
purchase of the latter's share in Gibraltar Mines.
    Taseko added that no binding agreement had been reached so
far.
    Sojitz said it is selling its 12.5% stake in the Canadian
copper mine due to unstable operations, declining grade and
increased risk of environmental liabilities, adding the deal
will likely close by the end of March.
    Gibraltar Mines is operated through a joint venture, with
Taseko owning 75% and Cariboo Copper Corporation holding the
rest. Sojitz owns 50% of Cariboo, with Furukawa Co  5715.T  and
DOWA Holdings  5714.T  holding 25% each. 
    Furukawa and DOWA separately said they had made no decisions
on the future of their stakes in the mine.
 (Reporting by Arshreet Singh; Editing by Krishna Chandra Eluri)
 ((Arshreet.Singh@thomsonreuters.com; Twitter: https://twitter.com/Arshreets))