Canadian producer Lundin Mining has sold its Eagle nickel and copper mine and Humboldt mill outside of Marquette, Mich., to Talon Metals.
The transaction potential was first announced in December. Lundin, according to the terms of the deal, will retain stock in Talon.
Humboldt, which company officials have said is the only U.S. mill today that concentrates nickel ore, was first constructed in 1952 when it was owned by Cleveland-Cliffs to support its then-active Humboldt and Republic mines.
Lundin still owns three operating mines in Brazil and Chile.
“We are…confident that the alignment of these assets and the complementary skill sets of the teams will lead to sustained value generation in the region for all stakeholders involved,” said president and CEO Jack Lundin.
“We look forward to supporting…the Talon team on this exciting new journey. With this milestone completed, Lundin Mining is positioned as pure-play copper company with our existing operations along with a clear growth strategy to become a global top-ten copper producer through the development of the Vicuña District.”
Source: www.lundinmining.com