Anglo-Australian mining major Rio Tinto Plc (LON:RIO) said it had agreed to sell its Eagle project to Canadian base metals miner Lundin Mining Corp (TSE:LUN) for $325m (€243.3m) in cash.
The Eagle project, which is currently under construction, includes an underground nickel-copper mine and a mill. It is located in the Upper Peninsula of Michigan.
The sale is in line with the company’s strategy to dispose of non-core assets and bolster its capital, Rio Tinto’s CFO Chris Lynch said, adding that the miner’s plan to sell other operations was progressing well.
The deal, which is subject to regulatory clearance, is seen closing in the third quarter of 2013.