The information came out on Wednesday that Lundin plans to purchase the mine, which is estimated to produce 23,000 metric tons of nickel and 20,000 tons of copper in the first three years, according to the press release by Lundin .
"The Eagle mine represents a very unique opportunity to acquire a high-grade project which is under construction and expected to begin generating significant levels of metal production and cash flow," said Lundin CEO Paul Conibear.
Lundin expects to spend another $400 million in 2013 and 2014 to bring the Eagle mine into production by Q4 of 2014.
Rio Tinto Spokesman Dan Blondeau says regulatory approval of the sale will take place over the next six weeks, and is expected to be finalized in July.
The pace of construction is expected to increase in the meantime, and Rio Tinto will be accepting bids for surface work as early as next week.