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Magna Mining to acquire Canadian base metal assets from KGHM

Magna Mining to acquire Canadian base metal assets from KGHM

Magna Mining to acquire Canadian base metal assets from KGHM

Magna Mining has agreed to acquire several base metal assets in the Sudbury Basin, Ontario, Canada, from KGHM International.

The consideration includes C$5.3m ($3.90m) in cash and $2m in Magna common shares. It also includes C$2m in cash on 31 December 2026 and additional future payments of up to C$24m, contingent on performance.

Under the agreed terms, Magna Mining will acquire the operating McCreedy West mine, which produced 317,660 tonnes in 2023, and three past-producing mines – Levack, Podolsky and Kirkwood.

The Levack mine, currently on care and maintenance, offers near-surface, high-grade nickel and copper zones that are being evaluated for a potential restart.

Currently on care and maintenance since 2013, the Podolsky mine presents near-surface mining potential in the copper-rich North Zone and the opportunity to develop the Nickel Ramp deposit, Magna said.

The transaction further encompasses an extensive exploration property portfolio in the Sudbury Basin, including the Falconbridge Footwall, Northwest Foy, North Range and Rand exploration properties.


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