Company acquiring former Crean Hill Mine on its path to become a mid-tier Canadian nickel miner
A Sudbury junior miner, with big ambitions to become a major Sudbury-area nickel producer, has picked up a choice piece of ground.
Magna Mining has entered into a definitive share purchase agreement to acquire all of the shares of Lonmin Canada in a deal worth $16 million.
The prize is the Denison Project which features the past producing Crean Hill Mine, a former Inco (now Vale) nickel and copper operation in the southwestern corner of the Sudbury basin.
Nickel is one of the world’s most in-demand metals. It’s a critical metal used in battery manufacturing for electric vehicles. Crean Hill operated off and on from 1905 to 2002. A total of 20.3 million tons of nickel, copper and platinum group metals were mined from underground and three open pits.
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