(The Canadian Press) TORONTO _ Lundin Mining Corp. (
TSX: T.LUN,
Stock Forum) is ramping up construction at the recently acquired Eagle nickel-copper project in Michigan's Upper Peninsula.
The Toronto-based company says there are currently 100 construction personnel on site, a number that will swell to 350 later this year.
The mining project was formerly owned by a subsidiary of Rio Tinto PLC (
NYSE: RIO,
Stock Forum), which sold it to Lundin for US$325 million in cash. The deal was announced in June and closed recently.
Lundin shares rose 1% Wednesday to $4.14, leaving the company with a market cap of $2.4 billion, based on 584.2 million shares outstanding. The 52-week range is $5.54 and $3.68.