Rio Tinto finalizes sale of Eagle Mine
Posted by Lake Superior Community Partnership on July 17, 2013
CHAMPION, Mich. – Rio Tinto announced previously that it had reached a binding agreement to sell its 100 percent interest in the Eagle Mine to Lundin Mining Corporation. Since the initial announcement the transaction achieved regulatory approval and the sale is now finalized.
Located in the Upper Peninsula of Michigan in the United States, Eagle includes a high-grade underground nickel-copper mine and mill. Construction commenced in June 2010 and is more than 50 per cent complete. Production is scheduled to commence in late 2014.
“I sincerely thank all those people that have contributed to the success of Eagle Mine. I extend my thanks to the community, employees and contractors for their dedication to developing a world class mine that we are all proud of,” said Adam Burley, President of Rio Tinto Eagle Mine. “Rio Tinto has laid a solid foundation for Eagle Mine. We believe Eagle has a bright future under Lundin’s stewardship”.
With the finalization of the sale Lundin assumes day-to-day management of Eagle.
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About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.
About Lundin Mining Corporation
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden and Spain, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Kokkola cobalt refinery located in Finland.
