Skip to comments.Projections upped for Ely mine's 'monster deposit'
Posted on 06/14/2012 11:14:10 AM PDT by TurboZamboni
Officials from Duluth Metals Ltd. say the site of a proposed mine near Ely has more metal deposits than it expected, the Associated Press reports. Duluth Metals CEO and Chairman Christopher Dundas called the area a "monster deposit" and said metals there could be worth more than $100 billion. Duluth, a Toronto company that has its U.S. headquarters in St. Paul, plans to invest $2 billion in the mine and create hundreds of jobs through its subsidiary Twin Metals Minnesota LLC. However, mining likely won't kick off for several years.
(Excerpt) Read more at bizjournals.com ...
What kind of metals are we talking about here? Iron ore or something more exotic?
And the EPA will issue stoppage procedures starting in 5 seconds, 4,3,2,1...
Found it for myself:
Duluth Metals Ltd., the Canadian-based parent of Twin Metals Minnesota LLC, said new data shows the site contains one of the world’s largest deposits of copper, nickel and precious metals, with some of the largest platinum and palladium resources outside South Africa.
The projections are measured two ways. The company said the site has “indicated resources” of 8 billion pounds of copper, 2.5 billion pounds of nickel and 12.1 million ounces of palladium, platinum and gold. Those estimates carry a high level of confidence because they’re based on samples taken from more drill sites.
Duluth Metals also is separately projecting “inferred resources” of 13.5 billion pounds of copper, 4.6 billion pounds of nickel and 15.8 million ounces of precious metals. Those estimates are less certain because they’re based on fewer bore holes.
This is a huge deposit of valuable metals.
I hope the find is chock full of Rare Earth Minerals. What a boost that would be, not just for Minnesota but for our national interests.
According to an article I read, the tree-huggers already have their panties in a wad because this deposit, and one other copper-nickel deposit nearby, have some sulfur mixed in. So of course they don’t want any development of this resource.
This is setting off some alarm bells. It is an honored tradition in mining to rip off investors with wildly exaggerated estimates of ore quality and distribution.
In gold mining, it was typically called the “mother lode”.
Whereas in every other gold mine, the quality of the ore decreases with depth, “in this one case”, the opposite happens, with concentrations increasing with depth. It is like a pyramid of gold buried underground.
Which is invariably followed by a sales pitch to invest in the mine. And once enough suckers have bought, often by “salting” a shaft with gold to make the ore look rich (with the complicity of a dishonest assayer), suddenly the mine owners disappear and are never heard from again.
Leaving the investors with 1000% of the stock of a dirt mine, with enough gold to fill an entire set of molars.
That sort of behaviour is quite rare amongst large, established mining companies.
The mine is located near Ely, Nevada
“...they fear runoff from the Twin Metals mine would flow into the pristine Boundary Waters Canoe Area Wilderness...”
Stay in the boat and quit whining!
You might want to sit in on an Ore Deposits class before spouting this nonsense.
Bzzzt...thank you for playing and read the article.
Geography ain't your strongest subject I hope.
Ely NV is a long damned way from Minnesota.
I call B.S. on this!
Next they’ll be wanting us to believe that there’s oil in North Dakota!
OK, the cage is now open for bets as to when the EPA will announce increased regulation of copper mining.
Thanks for that correction. Both states have an Ely.
Well, Nevada is hurting, too. Hope enough work is there to go around in both Ely’s.
You were right. I apoligize.
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