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Mining firm says land is a gold, copper 'juggernaut'
Article by: JOSEPHINE MARCOTTY , Star Tribune Updated: December 4, 2012 - 11:57 PM
The company that controls mining rights to 32,000 acres on the doorstep of the Boundary Waters Canoe Area said Tuesday that the land contains 19 percent more copper, gold and palladium than it previously estimated, making Minnesota home to one of the world's largest deposits of precious metals.
"These are not minor mineral holdings," said Bob McFarlin, vice president for government and public affairs for Twin Metals, a partner in the planned project, which released the results of the new geological analysis. "The state is sitting on an absolute economic juggernaut for generations to come."
Twin Metals, a joint venture between Duluth Metals, a Canadian company, and Antofagasta PLC of Chile, one of the largest international mine operators, is proposing an underground mine and processing plant that would be one of the world's largest.
Located along Hwy. 1 near the Kawishiwi River, it is expected to cost $3 billion and eventually could employ hundreds, Twin Metals said.
The value of the mineral wealth in the area was pegged last summer at more than $100 billion. The new estimate released Tuesday assigned high confidence to the presence of 13.7 billion pounds of copper, 4.4 billion pounds of nickel and 21.2 million ounces of palladium, platinum and gold. The platinum and palladium deposits would be one of the largest outside of South Africa.