The poor economy is the reason according to Rio Tinto.
MARQUETTE COUNTY -- Kennecott's Eagle Project in northern Marquette County has been deferred.
The delay was announced Thursday in a press release from Rio Tinto, parent company of Kennecott Minerals.
They cite the struggling economy as the reason behind postponing development.
In a direct quote from the document, the company states, "The previously announced iron ore expansion at Iron Ore Company of Canada ($768 million for phases one and two) and the development of the Eagle Nickel mine in Michigan, US have been deferred until market conditions recover."
Click here to read the full press release.
The proposed mine has been wrapped in controversy from local groups who question whether the mine would jeopardize the environment and whether it would provide long-lasting economic benefits to the U.P.
TV6 is currently working on this developing story. We are in the process of contacting Jon Cherry, Eagle Project General Manager, for a statement. Check back for more on uppermichiganssource.com and TV6 newscasts.
TV Station Profiles & Public Inspection Files forWLUC