- Magna Mining (TSXV:NICU) has entered into an agreement to acquire a portfolio of base metals assets in the Sudbury Basin in Ontario from a subsidiary of KGHM International
- The acquisition includes the producing McCreedy West copper mine, the past-producing Levack mine, the Podolsky mine and the Kirkwood mine, as well as the Falconbridge Footwall (81.41 per cent), Northwest Foy (81.41 per cent), North Range and Rand exploration asset
- A payment of C$5.3 million and $2 million of common shares of Magna will be made upon closing of the transaction as well as a $2 million payment on Dec. 31, 2026
- Shares of Magna Mining are up 30.12 per cent to C$1.08 as of 12:23 pm ET
Magna Mining (TSXV:NICU) reveals that it has entered into an agreement to acquire a portfolio of base metals assets in the Sudbury Basin in Ontario from a subsidiary of KGHM International.
In a news release, the company stated the acquisition includes the producing McCreedy West copper mine, the past-producing Levack mine, the Podolsky mine and the Kirkwood mine, as well as the Falconbridge Footwall (81.41 per cent), Northwest Foy (81.41 per cent), North Range and Rand exploration asset.
As part of the acquisition, the company will make a payment of payment of C$5.3 million and $2 million of common shares of Magna will be made upon closing of the transaction as well as a $2 million payment on Dec. 31, 2026, and future contingent payments of up to $24 million.
“Upon closing this acquisition, Magna will immediately become a copper and nickel mining company with an extensive portfolio of development and exploration assets in the premier critical mineral mining district in Canada,” Jason Jessup, CEO of Magna Mining, said in a statement. This acquisition creates a clear pathway to realizing our stated goal of having three or more producing mines within three to five years.”
The company believes the current and past producing mines have significant mineral resource potential as well as near-mine exploration potential.
Magna Mining is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario. Its flagship assets are the past-producing Shakespeare and Crean Hill Mines.
Shares of Magna Mining (TSXV:NICU) are up 30.12 per cent to C$1.08 as of 12:23 pm ET.
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