Company Gets Financing for Huge Mine Outside Boundary Waters

By
Gabriel Caplett
– 07/26/2010

Duluth Metals, a Canadian junior mining company, announced a partnership with London-based Antofagasta to conduct feasibility and engineering studies at the Nokomis project, in northeastern Minnesota.  The joint venture will move forward as Twin Metals Minnesota LLC, with $140 million in funding for the studies from Antofagasta, a 60% owner in the project, as well as a $30 million payment to Duluth Metals to cover previous exploration costs.  The US Forest Service, the state of Minnesota and private landowners have control over some land and mineral rights in the project area.

Oddly, Christopher Dundas, chairman of Duluth Metals, says the underground mine, located only a few miles from the Boundary Waters Canoe Area Wilderness, would barely be detectable from the surface (no mine truck traffic, clearing or blasting?):

“We believe at this stage of planning that we can meet or exceed all of the state standards,” Dundas said. “You are not really going to see or hear anything, because it is all underground.”

This post was written by

Gabriel Caplett – who has written 106 posts on Headwaters - Community Journalism for the Great Lakes.

Gabriel Caplett is a writer and market farmer from the Upper Peninsula of Michigan.

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