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  • March 2, 2022
  • Industry News
Shakespeare mine could reopen soon in northern Ontario

A former Falconbridge mining property 70 kilometres west of Sudbury, could soon reopen 11 years after being placed in care and maintenance mode.

The Shakespeare Project might have a new life five years after Magna Mining purchased Ursa Major Minerals in 2017.

The company has entered into a non-binding memorandum of understanding with Japanese metals trading and investing company Mitsui & Co Ltd.

“We’ve been in discussions with Mitsui for 18 months and are currently working through the final details and due diligence. But the proposal is that they would become a JV partner at the asset level at the Shakespeare mine investing C$8- to $10- million for a 10 to 12.5 per cent interest,” said Jason Jessup, CEO and director of Magna Mining.

Read the full story from CTV Northern Ontario HERE

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