Lundin Mining Corp. (TSX: LUN) is buying Rio Tinto Eagle Mine LLC, which owns a nickel and copper mine in Michigan, for $325 million.
The purchase price is made up of $250 million in cash and $75 million in project expenditures.
Rio Tinto is a subsidiary of Rio Tinto plc (NYSE: RIO), a metal mining company headquartered in London. The mine is located in Marquette County in Michigan. Construction is more than 50 percent complete, with production from the mine expected to start in the fourth quarter of 2014.
Toronto-based Lundin is a metals company that mines copper, zinc, lead and nickel.
Fried Frank Harris Shriver & Jacobson LLP acted as co-counsel to Rio Tinto for the transaction.
Other recent metals deals include New Gold Inc.’s (NYSE: NGD, TSX: NGD) purchase of Rainy River Resources Ltd., Coeur d’Alene Mines Corp.’s (NYSE: CDE, TSX: CDM) acquisition of Orko Silver Corp. and Arian Silver Corp.’s (TSX: ACQ) deal for a silver processing plant in Mexico.