Magna Mining Closes $16 Million Acquisition of Lonmin Canada
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Magna Mining has closed the acquisition of Lonmin Canada Inc., including the Denison Project and the past producing Crean Hill Ni-Cu-PGE mine.
Under the terms of the share purchase agreement, Magna acquired 100 percent of the issued and outstanding shares of Loncan, whose core asset is the Denison Project, in exchange for an aggregate purchase price of $16 million comprised of a closing payment of $13 million in cash and a deferred payment of $3 million.
The corporation inherited Loncan’s existing commercial arrangements with Vale Canada Limited, including access rights and certain net smelter return royalties. Certain other arrangements, including Loncan’s joint venture arrangements with Wallbridge Mining Company Limited, terminated concurrently with the completion of the acquisition.
About Magna Mining
Magna is an exploration and development company focused on nickel, copper and PGM projects in the Sudbury Region of Ontario, Canada. The company’s flagship asset is the past producing Shakespeare Mine which has major permits for the construction of a 4500 tonne per day open pit mine, processing plant and tailings storage facility and is surrounded by a contiguous 180km prospective land package.
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