REGIONAL—Chilean mining giant Antofagasta completed its acquisition of Duluth Metals this week, gaining 100 percent ownership of the Twin Metals joint venture in the process. The deal was finalized on Tuesday after shareholders and an Ontario court signed off on the purchase earlier this month, for 45 cents per share Canadian, or approximately 38 cents per share U.S. at the current exchange rate.

The two companies had agreed on the acquisition in early November, so Tuesday’s action marked the completion of the deal. Antofagasta has already indicated publicly that it will continue to pursue the Twin Metals copper-nickel and precious metals mining project near Ely, although the time frame for that development is now less clear. Twin Metals has not yet sought a mining permit, although it did issue a pre-feasibility study this past summer, which drew mixed reviews from investors.

As the sole owner of the joint venture, Antofagasta controls several low-grade deposits of base and precious metals stretching from Birch Lake, near Babbitt, to the Spruce Road, just south of Ely.

Antofagasta entered the joint venture as a minority partner with Duluth Metals back in 2010, and had the option to eventually purchase a majority stake. But Antofagasta’s announcement last summer that it would not exercise its option had sent Duluth Metals stock into a tailspin, and declining investor confidence made it impossible for the company to repay approximately $12 million on an outstanding loan and interest it owed to Antofagasta under the joint venture agreement.

As the deadline for repayment neared, Duluth Metals stock price fell to just seven cents a share as of Oct. 31. Three days later, the companies announced the proposed acquisition.

A press statement from Duluth Metals indicated the company will be delisted from the Toronto Stock Exchange as soon as it is practicable.