Taseko Mines Limited completed the acquisition of an additional 25% stake in Cariboo Copper Corporation from Furukawa Co.,Ltd..
March 24, 2024
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Taseko Mines Limited (TSX:TKO) acquired an additional 25% stake in Cariboo Copper Corporation from Furukawa Co.,Ltd. (TSE:5715) on March 25, 2024. The board of directors of Furukawa resolved to transfer the shares held in CCC to Taseko Mines.
Taseko Mines Limited (TSX:TKO) completed the acquisition of an additional 25% stake in Cariboo Copper Corporation from Furukawa Co.,Ltd. (TSE:5715) on March 25, 2024. In a related transaction, TKO acquired remaining 25% stake in Cariboo Copper Corporation from Dowa Metals & Mining Co., Ltd. on March 25, 2024. An initial $5 million payment was made to Dowa and Furukawa shortly following closing. The remaining cash consideration will be repayable in annual payments commencing in March 2026. The annual payments will be based on the average LME copper price of the previous calendar year, subject to an annual cap based on a percentage of cashflow from the Gibraltar Mine. Total consideration is capped at $142 million, limiting the contingent consideration to a maximum of $25 million.
FURUKAWA CO., LTD. mainly engages in industrial machinery business, rock drill business and other businesses. The Company operates in seven segments. The Industrial Machinery segment offers pumps, crushers and steel structures, among others. The Rock Drill segment provides rock drills, including hydraulic breakers, crushers and others. The Unic segment provides unic cranes, mini crawler cranes and others. The Metal segment provides copper, gold, silver, sulfuric acid and others. The Electronic segment provides high-purity metallic arsenic, crystal products and others. The Chemical segment offers crystal products, ferric polysulfate solution and others. The Real Estate segment involves in the trading and leasing of real estate.