News > Sojitz invests in Gibraltar Mine

Sojitz invests in Gibraltar Mine

posted on 3:54 PM, July 22, 2010
Vancouver-based Taseko Mines Limited, owner of Gibraltar Mines Limited, announced that it has closed the transaction to sell 25% of its Gibraltar Copper Mine to a Japanese consortium for approximately C$187 million. The 25% stake in Gibraltar will be owned by Cariboo Copper Corp. which is jointly owned by Sojitz Corporation (50%), Dowa Metals & Mining Co. Ltd. (25%) and Furukawa Co. Ltd. (25%).  Taseko will continue to be the operator of Gibraltar and will retain a 75% interest through Gibraltar Mines. A portion of these proceeds has been used to prepay Taseko's US$50 million long-term credit facility provided by Credit Suisse and Investec.  BC's Trade and Investment Representative in Tokyo has worked closely with Sojitz for several years to support their interest in copper and other mining investment opportunities in British Columbia, providing information and facilitating meetings with BC mining officials and companies
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