Mitsui & Co, a Japanese mineral company, is partnering with Sudbury-based Magna Mining
A $16 million investment from Japanese mineral company Mitsui may lead to a reopening of the Shakespeare Mine near Espanola.
Magna Mining Company, a Sudbury-based junior mining operative, announced earlier in February that it had entered a non-binding memorandum of understanding with Mitsui, which would see the Japanese company’s acquirement of a 10 to 12.5 per cent interest in Magna’s Shakespeare Mine in exchange for between $8 million-$10 million in cash.
The mine, located southwest of Sudbury near Espanola, has been under care and maintenance– dormant – since 2012. In a statement, Magna said it was expected that the parties will enter into a joint venture agreement to pursue the development of the Shakespeare Mine, with Magna being the operator of the project.
Manga spokesperson Paul Fowler said Magna could “theoretically” begin construction work by the end of 2022, but likely need to arrange to get more capital before the mine goes into production.
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