Antofagasta plc will acquire Duluth Metals Ltd. for $85 million in a friendly acquisition, according to officials. Duluth owns and operates 60% of the Twin Metals copper and nickel project in Minnesota along with the Chilean miner, which already owns 10.4% of the Toronto-based explorer.

Antofagasta CEO Diego Hernandez voiced optimism over his company’s new prospects. “The Duluth complex is an attractive deposit in a stable and proven mining region,” he said in a statement; the deal includes outstanding debt.

The Twin Peaks complex contains one of the world’s top undeveloped deposits of copper, nickel and platinum group metals, according to Duluth. Antofagasta ownership will include more than 40,000 acres of mineral interests on exploration properties adjacent to the project.