# Magna Mining and Mitsui sign MOU for joint venture at Shakespeare Mine

Magna Mining entered a non-binding MOU with Mitsui & Co. for Mitsui to acquire a 10-12.5% interest in the Shakespeare Mine for $8-10 million, with plans to form a joint venture to develop the mine.

- Type: Partnership
- Announced: 2022-01-31
- Where: Sudbury, Ontario, Canada
- Value: $10.0M
- Status: announced
- Products: nickel, copper
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md)

## Companies

- [Magna Mining](https://endata.com/companies/60685.md)
- [Mitsui & Co.](https://endata.com/companies/10710.md) (partner)
- [Magna Mining](https://endata.com/companies/60685.md) (partner)

## Sources

- [newsfilecorp.com](https://www.newsfilecorp.com/release/112103/Magna-Mining-Inc.-Announces-NonBinding-Memorandum-of-Understanding-for-Proposed-Joint-Venture-Arrangement-with-Mitsui-Co.-for-Shakespeare-Mine), 2022-01-31: "This MOU is the beginning of what we hope will be a long-term partnership between Magna Mining and Mitsui, the objective of which is to create the next nickel producer in the world-class nickel mining region of Sudbury, Ontario."
- [miningconnection.com](https://miningconnection.com/coal_prep/p6290/P5760), 2022-02-02: "Magna Mining has entered into a non-binding memorandum of understanding with Mitsui & Co., Ltd., where Magna and Mitsui will discuss the possibility of Mitsui’s acquirement of a 10 to 12.5 percent interest in Magna’s Shakespeare Mine"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.