Magna Mining has signed a memorandum of understanding (MoU) with Mitsui for a proposed joint venture (JV) arrangement for the Shakespeare mine in Canada.
The MoU allows the two firms to discuss the potential for Mitsui to purchase a stake between 10% and 12.5% in the Shakespeare Ni-Cu-PGM Mine for cash consideration ranging from $8m to $10m. The non-binding MoU, however, is restricted to a 2,590ha area of the over-18,000ha Shakespeare Project.
Magna Mining said that the MoU covers the existing Shakespeare deposit, the proposed location of the Shakespeare open pit mine, mill, tailings storage facility and the adjacent claims.
In connection with the transaction, Magna Mining will sign a JV agreement with Mitsui to develop the Shakespeare Mine. Magna will serve as project operator.
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