Lundin Mining has announced the closing of their acquisition of the Eagle Mine in Marquette County.
The statement, released on Wednesday, says that Lundin has now acquired the nickel/copper mine for $315 million.
"We are very pleased to close the acquisition of this high-quality asset early, and especially pleased to see the high level of activity on site already as construction ramps up," said Lundin President and CEO, Paul Conibear.
Lundin says that project construction is more than 50 percent complete. The company also announced a ramp-up in construction at the mill and mine sites.
- Earthworks, concrete installation and steel erection are underway at the mill site. The contract for the mine site coarse ore storage has been awarded and the contractor mobilized.- All vendors are mobilized and new delivery dates are being finalized. Most equipment has been ordered and is expected to be delivered to site prior to year end.- Approximately 100 construction personnel are now on site, a peak of approximately 350 construction personnel is expected later this year.- Eagle has approximately 70 people on staff and recruiting is underway to support the objective of ramping up to approximately 220 staff in Q3 2014.- Opportunities for schedule acceleration are being explored.