Lundin Mining, the Canadian based metals mining company, has announced that it will increase the mine life of its Eagle mine in northern Michigan to 2020, following the results of a Preliminary Economic Assessment (PEA).
The company has also announced that it has authorised the commencement of an access ramp development to Eagle East, which will contribute to the extended mine life.
The Eagle East massive and semi-massive nickel-copper sulphide mineralization is located approximately two kilometres east of the Eagle mine deposit.
Acquired from Rio Tinto in a $325-million deal in 2013, the project only had a mine life of eight years.
The company said that similar mining methods to Eagle are proposed which will significantly increase nickel and copper production from 2020 and extend the mine life to at least the end of 2023.
Mr. Paul Conibear, President and CEO of Lundin Mining stated, "Our intensive exploration campaign at Eagle East has been a resounding success. The results of the Preliminary Economic Assessment on Eagle East demonstrate significant incremental value and on this basis we have initiated a Feasibility Study and I am pleased to approve the start of access development to the deposit. The successful development of Eagle East will be good news for Eagle employees, local stakeholders and our shareholders alike."
Following the results of the PEA, Lunpin Mining has initiated a Feasibility Study on Eagle East, which is due for completion prior to the end of 2016.
Watch: How Eagle Mine produces nickel and copper
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