Magna Mining aims to commence test mining at former INCO by year's end
Sudbury mine developer Magna Mining expects to start test mining nickel and copper at its Crean Hill Project before the end of 2024. And a good chunk of this early production will be headed to Vale for processing.
Crean Hill, a former INCO mine , is situated in the southwest corner of the Sudbury basin. It operated from 1900 to 2002.In a note to shareholders and a news release, Magna management said this deal goes a long way toward eliminating much of the risks associated with the project. This permit allows Magna to begin pumping water out of the mine and start driving a ramp from the surface for advanced underground exploration work to begin early-stage mining. This will set them up for a “future commercial production decision,” said Jessup.
The cost to put Crean Hill back into production hasn’t been finalized, but a preliminary economic assessment published last year put the initial price tag at $48 million. The estimated mine life ranges between 15 and 19 years.
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