Magna Mining Completes Acquisition of KGHM’s Copper Mines, Canada
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Magna Mining has completed its acquisition of a portfolio of base metals assets located in the Sudbury Basin from an affiliate of KGHM International, which includes the producing McCreedy West copper mine, the past-producing Levack mine, Podolsky mine, and Kirkwood mine, as well as the Falconbridge Footwall (81.41 percent), Northwest Foy (81.41 percent), North Range and Rand exploration assets.
“We are excited to close this acquisition, which is transformational for our company. Magna now owns and operates a producing copper mine and four additional permitted, past-producing copper, nickel, and precious metal projects in the Sudbury region, along with a portfolio of exceptional exploration properties,” said Jason Jessup, CEO of Magna.
“We would like to thank the KGHM team for their cooperation throughout the acquisition process. We would also like to extend our gratitude to our financial advisor, Desjardins Capital Markets, and our legal counsel, Bennett Jones, for all of their hard work and diligence over the course of this transaction. Magna is proud to take its place as one of the newest copper producing mining companies in Canada, and we believe we are positioned to grow substantially over the coming years,” added Jessup.
In connection with the closing of the transaction, the company entered into a letter of credit facility with Fédération des caisses Desjardins du Québec to which the company can obtain letters of credit having an aggregate maximum face amount of $12 million.
Magna Mining is a producing mining company with a portfolio of copper, nickel and PGM operating, exploration and development projects in the Sudbury Region of Ontario, Canada. The company’s primary assets are the producing McCreedy West copper mine and the past producing Levack, Podolsky, Shakespeare, and Crean Hill mines.
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