Nickel-copper mine project in the UP being sold for $325 million

Jun 13, 2013

The owner of the controversial Eagle mine project in Michigan's Upper Peninsula, Rio Tinto PLC, says it will sell the project to Canada's Lundin Mining Corp. for $325 million.

The deal will require approval from regulators.

Rio Tinto is still building the mine which they say is 55% complete. Construction started in 2010.

You can see how the area outside of Marquette has developed over time in these satellite photos animated in Google's Earth Engine. The Eagle mine project pops up in the center starting in 2010.

The AP reported that Rio Tinto officials delayed production of the mine because of the volatile commodities markets. Tunneling in the mine recently wrapped up. Production was scheduled to start in 2014.

Rio Tinto discovered the so-called "Eagle deposit" in 2002 and announced its decision to build in 2010.

You can read more about the deal from Rio Tinto here.