Lundin Mining to sell Eagle mine to Talon for $84M

Lundin Mining ( TSX: LUN) has agreed to sell its Eagle nickel-copper mine and Humboldt Mill in Michigan, United States, to fellow Canadian miner Talon Metals ( TSX: TLO) in a share-based offer valued at concerning $84 million.

Lundin will certainly move its United States subsidiary, which has the Eagle procedure, to Talon for about 275 million Talon shares, valued at concerning $83.7 million based upon current rates. This would certainly leave Lundin with a 20% non-diluted risk in Talon.

Eagle is the only key nickel mine presently running in the United States and has actually created greater than 194,000 tonnes of nickel and 185,000 tonnes of copper because beginning manufacturing, Lundin stated.

The mine produced greater than $3.2 billion in profits since the 3rd quarter of 2025, it kept in mind.

The offer placements Talon as a pure-play nickel-copper business with United States refining properties, consisting of the Humboldt Mill in Michigan and an organized future center in Beulah, North Dakota.

” This deal additionally opens purposeful harmonies, consisting of the possibility to utilize the Humboldt Mill as a shared, systematized handling center,” Lundin, Head Of State and Chief Executive Officer, Jack Lundin, said in a statement.

Talon will certainly broaden its board to 10 supervisors adhering to the offer, including 2 candidates from Lundin, while Darby Stacey, presently handling supervisor of the Eagle mine and Humboldt Mill, will certainly end up being Talon’s president and a supervisor.

” The combination allows our mixed group to progress our 4 calculated top priorities in parallel– prolonging the Eagle mine life, increasing expedition in Michigan and in Minnesota, progressing allowing at the Tamarack Nickel-Copper Job and the Beulah Minerals Handling Center, and advancing design in the direction of usefulness research study and building and construction,” Talon’s existing chief executive officer, Henri van Rooyen, stated in a separate statement.

Top-ten copper passions

Lundin got Eagle from Rio Tinto (ASX. LON: RIO) in 2013 and brought the mine right into industrial manufacturing a year later on.

The business stated the sale will certainly enhance its profile and develop its concentrate on bigger copper procedures in Brazil and Chile, while preserving direct exposure to prospective advantage via Talon’s expedition properties, consisting of the Tamarack nickel job in Minnesota.

The deal lines up with Lundin’s more comprehensive method to relocate right into the rankings of the globe’s leading 10 copper manufacturers, with a target of generating 500,000 tonnes of copper and concerning 550,000 ounces of gold each year within 3 to 5 years.

That strategy centres on brownfield growths at core properties, consisting of Candelaria and Caserones in Chile and Chapada in Brazil, together with brand-new advancements in the Vicuñan area straddling the Chile– Argentina boundary, home to the Josemaría and Filo del Sol jobs.

The deal is anticipated to enclose very early January 2026, based on governing authorizations, after which Eagle’s outcome will certainly no more be consisted of in Lundin Mining’s manufacturing assistance.