Lundin to Acquire U.S. Nickel Mine From Rio for $325 Million
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Lundin Mining Corp., a Canadian metals producer with operations in Europe and Africa, agreed to buy Rio Tinto Group’s Eagle nickel and copper project in northern Michigan for about $325 million.
Construction of the mine is just over 50 percent complete and output is scheduled to start in the fourth quarter of 2014, Toronto-based Lundin said yesterday in a statement. Average annual output in the first three full years is estimated at about 23,000 metric tons of nickel and 20,000 tons of copper. The mine will also produce precious metals and cobalt.