Taseko Mines says it is in confidential talks with Sojitz Corp over the potential purchase of the latter\u0027s share in Gibraltar Mines. Read on
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Gibraltar Mines is operated through a joint venture, with Taseko owning 75 per cent and Cariboo Copper Corporation holding the rest. Sojitz owns 50 per cent of Cariboo, with Furukawa Co and DOWA Holdings holding 25 per cent each. Furukawa and DOWA separately said they had made no decisions on the future of their stakes in the mine.
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Sojitz to sell Canadian copper mine stakeJapanese trading house Sojitz, which on Thursday reported record profit for the nine months to end-December, said it was selling its 12.5% stake in Canada's Gibraltar Mines. Sojitz said it booked a pre-tax loss of 6.3-billion yen ($49-million) in the October-December quarter from the planned sale of the copper mine to local partner Taseko Mines. 'The reasons for the withdrawal are unstable operations, declining grade and increased risk of environmental liabilities,' Yoshiki Manabe, managing executive officer, told a news conference.
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