Company secures financing to continue plans for UP mine
Menominee — A company that plans to develop a gold and zinc mine in Michigan’s Upper Peninsula says it has secured financing to continue the process of obtaining permits.
Aquila Resources Inc. says it has reached an agreement with Orion Mine Finance to provide $20.75 million for the next stage of developing the Back Forty project in Menominee County.
Radio station WYKX-WDBC reports that the company has already spent more than $60 million exploring a mineral-rich volcanic belt in the southern U.P.
Aquila took 100 percent ownership of the project last year. Communications Director Robin Quigley says the company expects to be mining by the end of 2016.
The company expects to produce over 15 million tons of ores that could include gold, silver, zinc, copper and lead.