Lundin Mining has completed the $127m (C$176.21m) sale of Lundin Mining US – the Canadian mining company’s subsidiary that indirectly owned the Eagle mine and Humboldt mill in Michigan, US – to Talon Metals.
A definitive share purchase agreement for this deal was signed in December 2025, marking the transfer of these assets to Talon Metals.
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Following the closure of the deal, Lundin Mining acquired nearly 275.2 million common shares in Talon Metals. With this, Lundin Mining has increased its stake in Talon Metals to approximately 19.86%.
Eagle is an underground, high-grade nickel and copper mine in western Marquette County, within Michigan’s Upper Peninsula.
Talon Metals CEO Darby Stacey said: “I want to thank Lundin Mining for the leadership, support, and guidance over the past 13 years that has enabled the Eagle team to confidently take on the next challenge.
“Together with the established and successful Talon Metals team, I am genuinely excited about the future and what we will accomplish.”
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By GlobalDataUnder the transaction terms, Lundin Mining was compensated with 275.1 million shares, which account for roughly 18.61% of Talon Metals’ issued and outstanding shares on a non-diluted basis.
Before the transaction, the company beneficially held 18.5 million shares, which accounted for approximately 1.57% of the issued and outstanding shares on a non-diluted basis.
After the transaction is completed, Lundin Mining will own 293.7 million shares, which represents about 19.86% of Talon Metals’ issued and outstanding shares.
As part of the deal, Lundin Mining and Talon Metals signed an investor rights agreement granting the former certain director nomination and anti-dilution rights.
Additionally, a lock-up agreement restricts any acquisition or sale of Talon Metals’ shares by Lundin Mining for up to 24 months.
Lundin Mining president and CEO Jack Lundin said: “We are pleased to see this transaction successfully completed and are confident that the alignment of these assets and the complementary skill sets of the teams will lead to sustained value generation in the region for all stakeholders involved. We look forward to supporting Darby and the rest of the Talon team on this exciting new journey.
“With this milestone completed, Lundin Mining is positioned as pure-play copper company with our existing operations along with a clear growth strategy to become a global top-ten copper producer through the development of the Vicuña District.”
In April 2025, Lundin Mining finalised the sale of its Neves-Corvo mine in Portugal and its Zinkgruvan mine in Sweden to Boliden, for total potential proceeds of up to $1.52bn.
