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Vulcan finalizes buy of Nortec's Tasisuak Lake property in Canada

Keywords: Tags  Vulcan Minerals, Nortec Minerals, Tasisuak Lake, nickel-copper mine, nickel, copper, Daniel Fitzgerald

NEW YORK — Canada’s Vulcan Minerals Inc. has completed its purchase of Nortec Minerals Corp.’s 51-percent stake in the Tasisuak Lake nickel-copper property in northern Labrador, giving Vulcan full ownership of the project.

The deal, which was first announced in February (, Feb. 15), has received all regulatory approvals, according to St. John’s, Newfoundland-based Vulcan.

As part of the deal, Vancouver, British Columbia-based Nortec will take 1 million common shares of Vulcan while also retaining a 1-percent net smelter return royalty.

The Tasisuak Lake property is situated about 31 miles northwest of the Voisey’s Bay nickel-copper mine operated by Brazil’s Vale SA.

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