By Rosalind Russell – One of Ontario’s oldest underground mining operations is preparing to return to production following a major investment decision announced on October 8.
Magna Mining has approved the restart of the historic Levack nickel-copper mine near Sudbury, backed by a preliminary economic assessment outlining C$70.1 million in initial capital requirements.
The project targets commercial production by mid-2028, with underground development and construction expected to accelerate over the coming months.
The proposed operation would extract approximately 5.75 million short tons of material over 7.3 years, averaging 36.8 million pounds of payable copper equivalent annually.
At full production, underground mining would reach approximately 2,200 short tons daily.
Levack’s history stretches back to 1915, when the Mond Nickel Company began operations.
Following its reopening in 1937, the mine produced approximately 60 million tons of ore before closing in 1997.
Mining subsequently resumed under different operators, with the latest production ending in 2018.
Importantly, the operation will recover more than copper.
Nickel, platinum, palladium, gold and silver are also expected to contribute to revenue.
Existing shafts, underground workings and nearby processing facilities should help reduce redevelopment costs.
Magna estimates the project could generate an after-tax net present value of C$227 million, although these figures remain preliminary.
Further exploration, particularly around the promising R2 Footwall Zone, could eventually support additional production.
Screenshot – Magna Mining by Rosalind Russell
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