MARQUETTE, MI – (Great Lakes Radio News) – Rio Tinto has announced the finalization of the sale the Eagle Mine in Marquette County to Lundin Mining Corporation.
Rio Tinto had recently announced that it had reached a binding agreement to sell its 100 percent interest in the mine to the Canadian firm. Since the initial announcement, the transaction has achieved regulatory approval and the sale is now finalized.
The total price for the transaction was $315 million, consisting of a $250 million purchase price plus project expenditures of $65 million.
Construction of the mine commenced in June 2010 and is more than 50 per cent complete. Production is scheduled to commence in late 2014.
Great Lakes Radio – Delivering reliable and accurate local news to you on air, online and on demand