Platts reported that Lundin Mining Corp. (TSX:LUN) is developing a new nickel deposit that may increase the life of its Michigan-based Eagle nickel-copper mine. Eagle reached full production in 2015, and output is set to decline gradually from hereon out.
As quoted in the market news:
“We’re aggressively drilling Eagle East, a new deposit, and that’s looking quite promising,” [a Lundin Mining] official, who asked not to be identified, said Monday.
The drilling is aimed at allowing the Toronto-based company to “come up with an inferred resource,” the official said. “The grades [of ore] are looking real good, and we could have an inferred resource in 2017.”
That timetable would give the company plenty of time to expand Eagle, whose initial nickel production of about 25,000 mt in its first full year of operation is forecast to fall to 21,000-24,000 mt in 2016, 18,000-21,000 mt in 2017 and 15,000-18,000 mt in 2018. Copper output is expected to be similar.
Click here to read the full Platts report.
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