If all goes well, the Shakespeare Mine near Webbwood could be reopened.
Magna Mining Company announced this week that a multi-million investment from the Japanese mineral company Mitsui may lead to a reopening of the Shakespeare Mine.
Company spokesperson Paul Fowler says Magna has entered a non-binding memorandum of understanding with Mitsui, where Mitsui would provide $10 million for a percentage of around 12% of the company.
He adds the mine has been dormant since 2012 and the company is now focusing on reaching a joint venture agreement with Mitsui.
Fowler stresses depending on how capital comes together reopening of the site could take place this year adding some $230 million in capital is needed to move ahead.
For more details, visit the site: https://magnamining.com/portfolio_page/shakespeare/