Sudbury mine developer will put its local knowledge to the test in asset deal with KGHM
Magna Mining, a fast-moving Sudbury mining startup company, has taken a giant leap forward by acquiring a working copper mine in the Sudbury basin along with a raft of promising properties from Polish-headquartered miner KGHM International.
Magna, known locally for its redevelopment of the former Crean Hill mine, has signed an agreement to acquire the operating McCreedy West copper mine and a stable for exploration and development properties across the Sudbury basin in a $33.3-million cash-and-share deal.
“Since the inception of our company, Magna has strived to acquire past producing mines in Sudbury, and the acquisition of these particular properties has always been a primary objective of ours,” said the company in a Sept. 12 news release. “It has taken many years to get to this point, but we believe this is just the beginning of the growth of our company.” The deal is expected to close by the fourth quarter of this year or early 2025.
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