Taseko in discussions with Sojitz for Gibraltar Mines share acquisition

Canada-based Taseko Mines Limited said on Friday it was in confidential discussions with Japanese trading house Sojitz Corp over the potential purchase of the latter's share in Gibraltar Mines.Sojitz said it is selling its 12.5 per cent stake in the Canadian copper mine due to unstable operations, declining grade and increased risk of environmental liabilities, adding the deal will likely close by the end of March.

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 stake, posts record 9-month profitTOKYO : Japanese trading house Sojitz Corp, which on Thursday reported record profit for the nine months to end-December, said it was selling its 12.5 per cent 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
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