The purchase price consists of C$5.3 million in cash, C$2 million in Magna common shares upon closing, an additional C$2 million in cash due on Dec. 31, 2026, and contingent payments of up to C$24 million, depending on future milestones.
Magna is also in discussions for a C$10 million term loan and a C$10 million letter of credit facility, with Fédération des caisses Desjardins du Québec, a subsidiary of Desjardins Group, to support the deal.
Magna will take ownership of McCreedy West, an active copper mine that produced 317,660 tonnes of ore in 2023, with copper grades of 1.59%. The mine also yielded nickel, cobalt, platinum, palladium, gold and silver. In addition, the Levack mine, which has been on care and maintenance since 2019, will be evaluated for a potential restart, given its near-surface high-grade nickel and copper zones. The Podolsky mine, inactive since 2013, has mining potential in its north zone and nickel…
