COPPER-MOLYBDENUM MINING: Taseko sells 15% of Gibraltar for $180 million

BRITISH COLUMBIA — Taseko Mines of Vancouver has sold a 25% interest in the Gibraltar copper-molybdenum mine at McLeese Lake to Sojitz Corp. of Japan. The deal is worth approximately $180 million, which represents a significant portion of the equity requirement for the construction of a new mine at the Prosperity project.

Following the creation of a joint venture, Taseko will hold 75% of the Gibraltar mine and Sojitz the remaining 25%. Taseko will continue to be the operator. In 2008 the mine and plant produced 76.9 million lb of copper at a total cash cost of US$1.18/lb.

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