PR Newswire
VANCOUVER, BC, Feb. 3, 2023
VANCOUVER, BC, Feb. 3, 2023 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company") is responding to a statement made by Sojitz Corporation ("Sojitz") on the potential purchase by Taseko of Sojitz's 12.5% effective interest in the Gibraltar Mine ("Gibraltar"). Gibraltar is operated through a joint venture owned 75% by Taseko and 25% by Cariboo Copper Corporation ("Cariboo"). Sojitz owns 50% of Cariboo.
Taseko has been in confidential discussions with Sojitz regarding the potential purchase of their interest in Cariboo. No binding agreement has been reached at this time. The potential transaction contemplates a modest up-front payment upon closing and additional annual payments over a five-year period. The annual payments would consist of a guaranteed minimum payment and additional contingent payments dependent on Gibraltar copper revenues. The modest initial payment would be funded with available cash on hand, and the subsequent annual payments are expected to be funded from cashflows from the acquired 12.5% interest in Gibraltar.
Definitive agreements have not been finalized or signed, and the transaction remains subject to various board, regulatory and other approvals. There is no assurance at this time that a binding transaction will be entered into or completed.
Stuart McDonald
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com, including the "Risk Factors" included in our Annual Information Form.
View original content:https://www.prnewswire.com/news-releases/taseko-comments-on-potential-acquisition-of-12-5-interest-in-gibraltar-mine-301738223.html
SOURCE Taseko Mines Limited
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