Magna Mining Inc. acquires producing copper mine in Sudbury from KGHM International Ltd. for C$9.3M plus future contingent payments of up to C$24.0M

On September 12, 2024, Magna Mining Inc. ("Magna Mining") entered into a definitive share purchase agreement valued at C$9.3 million, plus future contingent payments of up to C$24.0 million with FNX Mining Inc. ("FNX Mining"), a subsidiary of KGHM International Ltd. ("KGHMI"), to acquire a portfolio of base metals assets including the producing McCreedy West copper mine, the past-producing Levack, Podolsky, and Kirkwood mines, along with other exploration assets in the Sudbury Basin.

KGHMI, headquartered in Vaughan, Ontario, Canada, is a multi-asset copper and non-ferrous metal producing company that possesses operating subsidiaries in the United States, Canada and Chile.

Magna Mining, headquartered in Sudbury, Ontario, Canada, is a nickel exploration and development company.

McCarthy Tétrault advised KGHMI with a team led by Shawn Doyle that included Aathmika Kularatnam, Danyal Bajwa, Mitchell Lui (Business Law); Ben Ratelbrand, Margaret Gavins, Patrick Pengelly (Labour and Employment); Deron Waldock, Julia Miller (Pensions and Benefits); Alexander Steele (Environmental), William McCullough (Real Property and Planning); Matthew Kraemer, Adam Unick, Simon Douville (Tax); and Michael Caldecott (Competition).