11:21 AM EDT, 03/25/2024 (MT Newswires) -- Taseko Mines ( TGB ) said Monday it has agreed to acquire the nearly 13% stake in the Gibraltar mine in British Columbia that it does not already own by buying the shares of Dowa Metals & Mining and Furukawa Co. in Cariboo Copper.

The company said it will then own 100% of Cariboo shares and 100% of the Gibraltar mine.

The acquisition price amounts to at least 117 million Canadian dollars ($86.2 million) payable over a decade. Taseko will make an initial payment of CA$2.5 million each to Dowa and Furukawa after closing the deal and the rest will be paid in annual payments starting March 2026, the company said.

Taseko said the deal will increase its attributable copper production by 14% and be immediately cashflow accretive as the company advances construction at its Florence Copper Project.

Taseko shares rose more than 5% in recent trading.

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