RICHMOND HILL, Ont. (CP) -- Mining company Dynatec Corp. will acquire an indirect 50 per cent stake in Aurora Platinum Corp. from FNX mining, officials announced Wednesday.
FNX's previously announced acquisition of Aurora is expected to close in late June.
Aurora is a junior Canadian exploration company with an extensive land position in the Sudbury mining camp, including a 60 per cent interest in the Falconbridge mine property.
Dynatec and FNX mining are already joint venture partners in the Sudbury mine project, which started commercial production of nickel, copper, platinum, palladium and gold in November 2003.
Following completion of the FNX/Aurora transaction, Dynatec will become a 50 per cent partner in a new joint venture to be formed with FNX involving the Aurora assets.
''The Aurora properties will increase our land holdings in the Sudbury Basin eight-fold and add eight kilometres of highly prospective, footwall environment behind the historic Falconbridge mine to our portfolio,'' Dynatec CEO Bruce Walter said in a release.
Dynatec's shares (TSX:DY) were up a penny to $1.08 on the Toronto Stock Exchange, while shares in FNX (TSX:FNX) rose by 28 cents to $9.04.