Rio Tinto Reaches Agreement to Sell Eagle Mine
MARQUETTE, MI – (Great Lakes Radio News) – Rio Tinto Mining Corporation has announced they have reached a binding agreement to sell its Eagle Mine project in Marquette County to a Canadian metals producer.
The sale of the operation to Lundin Mining Corporation is for an estimated $325 million in cash. The Eagle Mine features a high-grade underground nickel-copper mine and mill. Construction started in June 2010 and is approximately 55 per cent complete.
Reports say the sale is the first in a series of project selloffs Rio Tinto is planning in an attempt to bolster the company’s balance sheets under new CEO Sam Walsh.
Company officials say the transaction is expected to close in the third quarter of 2013 and is subject to regulatory approval.
Great Lakes Radio – Delivering reliable and accurate local news to you on air, online and on demand