MADISON, Wis. (AP) — Aquila Resources says it’s selling its interests in copper and gold deposits in northern Wisconsin to a start-up company for about $5.8 million.
Toronto-based Aquila plans to focus on building its proposed Back Forty mine in Michigan’s Upper Peninsula near the Menominee River.
If the sale is approved, Aquila would receive nearly $2.5 million in cash and an ownership share of the new company.
Aquila spokesman Dave Carew says additional details about the buyer will become available once the parties reach a definitive agreement within the next 45 days. Environmental groups, Wisconsin tribes, and those living near the mineral deposits are concerned that targeting metals in underground sulfide deposits, known as sulfide mining, will impact water quality or quantity.
Aquila Resources Inc. recently provided an update on its Back Forty Project in Michigan and decided not to move forward with its decision to appeal the ruling on the Wetlands Permit.