The shareholders of development stage company Yellowhead Mining have approved a takeover by base metals miner Taseko Minerals, giving the larger company full ownership of the Harper Creek copper/gold/silver project, in British Columbia.
The acquisition was approved by 99.98% of Yellohead’s shareholders, who under the terms of the transaction will each receive 1.1484 Taseko common shares for each share held.
Taseko previously said that, with proven and probable reserves of 3.6-billion pounds of recoverable copper, supplemented by 370 000 oz of gold and 15.6-million ounces of silver, Yellowhead was acquired at a cost of “half a penny per pound of copper” in the reserve base.
Harper Creek is a proposed 70 000 t/d openpit copper mine with a 28-year mine life, located in the Thompson-Nicola region of British Columbia near Vavenby. Taseko has indicated it will seek to improve on the current feasibility study.