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Aquila Selling Interests in Copper and Gold Deposits

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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.

The Toronto-based Aquila plans to focus on building its Back Forty mine near the Menominee River.

If approved, Aquila would receive nearly $2.5 million in cash and an ownership share of the new company worth about $3.3 million.

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 sulfide mining will impact water quality or quantity.

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