Dowa and Furukawa joint sale of 12.5% interest in Gibraltar Mine
Torys acted as counsel to Dowa Metals & Mining and Furukawa in the joint sale of their 12.5% interest in the Gibraltar Mine in south-central British Columbia to Taseko Mines Limited, through their 50% interest in Cariboo Copper Corporation.
On March 25, 2024, Taseko Mines Limited ("Taseko") acquired a 12.5% interest in the Gibraltar Mine from Dowa Metals & Mining Co., Ltd. ("Dowa") and Furukawa Co., Ltd. ("Furukawa").
Located near McLeese Lake in British Columbia, the Gibraltar Mine is the second largest open-pit copper mine in Canada. It was operated through a joint venture which was owned 75% by Taseko and 25% by Cariboo Copper Corporation ("Cariboo"). In early 2023, Taseko acquired Sojitz Corporation's 50% interest in Cariboo, increasing its effective interest in the Gibraltar Mine to 87.5%. Dowa and Furukawa retained the remaining 12.5% effective ownership interest in the Gibraltar Mine (with 6.25% interests respectively).
With the transaction’s closing, Taseko now holds 100% of all Cariboo shares and an effective 100% interest in the Gibraltar Mine.
Further information can be found on Canada Newswire’s website.
Torys also acted on the following in connection with this project:
| Jurisdiction | Cariboo-Chilcotin region |
| Province/State | British Columbia |
| Country | Canada |
| Nature of Engagement | M&A |
| Client | Dowa Metals & Mining and Furukawa |
| Client Role | Seller |