VANCOUVER — Lundin Mining‘s (TSX: LUN; US-OTC: LUNMF) high-grade Eagle East nickel-copper discovery is on track to extend the life of its Eagle mine in northern Michigan. On June 29, the company released a maiden resource and preliminary economic assessment (PEA) on the satellite mineralization, which it expects will “significantly increase” nickel and copper production at the operation by 2020.
Lundin acquired Eagle in a US$325-million deal with Rio Tinto (NYSE: RIO; LSE: RIO) back in June 2013. The project was in an advanced development state at the time, and carried a mine life of roughly eight years.
According to the company’s 2015 resource and reserve statements, Eagle now hosts 4.5 million proven and probable tonnes grading 2.4% Cu and 2.9% Ni for 109,000 tonnes contained copper and 129,000 tonnes contained nickel.
The mine’s annual production this year is expected to total between 21,000 and 24,000 tonnes of nickel, and 20,000 and 23,000 tonnes of copper.
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