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Reserve estimate boosted 19 percent for proposed Twin Metals mine near Ely in NE Minnesota
MPLS Star Tribune ^ | 12/4/.12 | STEVE KARNOWSKI

Posted on 12/04/2012 2:23:58 PM PST by DManA

According to the new estimate, the site contains "indicated resources" of 13.7 billion pounds of copper, 4.4 billion pounds of nickel and 21.2 million ounces of palladium, platinum and gold. The company has high confidence in those estimates because they're based on samples from a high number of drill sites. It separately projects "inferred resources" of 11.8 billion pounds of copper, 4 billion pounds of nickel and 12.8 million ounces of precious metals, but those estimates are less certain because they're based on fewer samples.

(Excerpt) Read more at startribune.com ...


TOPICS: Business/Economy; News/Current Events; US: Minnesota
KEYWORDS:
Looks like there'll be no economic reason to mine the asteroids for another couple of generations.
1 posted on 12/04/2012 2:24:08 PM PST by DManA
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To: DManA
And is the EPA gonna let this happen....?

Where is this possible mine Site?

2 posted on 12/04/2012 2:27:40 PM PST by Ernest_at_the_Beach ((The Global Warming Hoax was a Criminal Act....where is Al Gore?))
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To: Ernest_at_the_Beach

Ya that’s a problem. All this stuff sits under a pristine wilderness area.

http://en.wikipedia.org/wiki/Boundary_Waters_Canoe_Area_Wilderness

The company claims they can mine it without disturbing the area. Some people are skeptical (understatement).

Still, it’s the biggest untapped source of copper in the world. As long as we use copper it’s going to be mined someday.


3 posted on 12/04/2012 2:34:24 PM PST by DManA
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To: Ernest_at_the_Beach

Here in Michigan they’re relaxing regulations and easing taxation on mining. There are massive metal deposits across Minnesota, Wisconsin, and Michigan.


4 posted on 12/04/2012 2:37:59 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: DManA

The Sierra Clup is probably already looking for an new animal that they can declare as ‘endangered’ so to stop all this progress........Odd, how the ‘Progressives’ want anything but ‘progress’...............


5 posted on 12/04/2012 2:41:21 PM PST by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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To: cripplecreek
There were underground iron mines in that area active as late as the late 60's.

I'm speaking a bit over my head but as I understand it the concern is not so much in the actual mining but the processing of the ore that might take place in the area.

There are massive metal deposits across Minnesota, Wisconsin, and Michigan.

I remember as a kid reading that the geology of this area is remarkable similar to the mineral rich areas of S. Africa. I think it's long been known that there are unimaginable riches up there but the question has always been economics.

6 posted on 12/04/2012 2:50:37 PM PST by DManA
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To: DManA

cold as the dickens in the winter, used to have some good hockey and wrestling teams, lots of woods and brush and water and mosquitos in the summer to contend with..

The good old Iron Range , set to deliver up more of its load to support the local socialist state’s largesse.. North Dakota and oil, now this.. hmmm.. shame to see it go to waste


7 posted on 12/04/2012 2:56:17 PM PST by NormsRevenge (Semper Fi)
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To: Ernest_at_the_Beach

Obama and his earth huggers want it to stay in the ground. Don’t upset the eco system by mining,


8 posted on 12/04/2012 2:57:39 PM PST by YukonGreen
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To: NormsRevenge

Kind of fun to watch important democrat special interests fighting each other. The unions are all for it.


9 posted on 12/04/2012 2:58:55 PM PST by DManA
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To: DManA

The stock price has been trending up since summer, and took an 8% jump today. Duluth Metals is DULMF on the NASDAQ exchange.

Interesting story. On the one hand, huge deposits. On the other hand, it’s in the very early stages, and it’s in a state filled with leftist envirowhackos. They’ll resist it to the last gasp, I should think.

The weather is cold, sure, but no worse than numerous Canadian mines, many of which have done very well.


10 posted on 12/04/2012 3:03:45 PM PST by Cicero (Marcus Tullius)
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To: DManA

Ya really want to make their heads spin, tell ‘em climate change made glaciers deposit a lot of that stuff on their backyards long ago, it could happen to the EUropean continent soon and they should move there to beat the rush.

Our old farm had a pile of sand and gravel under the topsoil, too bad it wasn’t gold but alas it was mostly alluvial wash, oh vell. I remember visiting a taconite plant as a kid, piles and piles of low grade iron pellets and jobs..


11 posted on 12/04/2012 3:07:12 PM PST by NormsRevenge (Semper Fi)
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To: DManA

The USA is still blessed by God as the richest nation on the planet. We throw away His gift to us at our peril. Oil,minerals,soil, lumber and the greatest resource of all hard working free Christian people are on the brink of extinction if we succumb to the Marxist siren song of freebies for all.


12 posted on 12/04/2012 3:07:51 PM PST by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: Cicero
leftist envirowhackos.

True but I think the leftist unions are on balance more powerful. They're on board.

I think it's going to happen. Maybe not if it was just copper, but palladium and platinum, man we NEED that stuff.

13 posted on 12/04/2012 3:14:12 PM PST by DManA
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To: NormsRevenge
Our old farm had a pile of sand and gravel under the topsoil, too bad it wasn’t gold but alas it was mostly alluvial wash,

There is a tremendous shortage of gravel. And certain types of sand is in HUGE demand for fracking.

Hope you didn't sell that farm.

14 posted on 12/04/2012 3:17:11 PM PST by DManA
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To: DManA

That 160 acre dairy farm is lonnng gone, sadly. We used to have moose and deer in the corn field and pheasants, geese and ducks galore,, then an interstate hit smack dab in the south end of it in the early 60s.. they took out some nice wetland, woods, it turned into an interchange and refueling strips of land.

Call it, the 100 miles SE of ‘Fargo’ pit stop. Boy, has that area changed.


15 posted on 12/04/2012 3:26:18 PM PST by NormsRevenge (Semper Fi)
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To: Cicero

Instate enviroweenies are easy to deal with, congress creates the big problems. Its kinda like the great lakes directional drilling ban. Michigan sits on an ocean of natural gas but congress put the most profitable means of accessing it off limits.


16 posted on 12/04/2012 3:26:29 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: NormsRevenge

They can’t take the memories away.

And ya know, that world mostly is still there.


17 posted on 12/04/2012 3:30:50 PM PST by DManA
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To: DManA

I just passed through Ely a few weeks ago on lonely route 50. The town is depressed, had boomed in the 1920s but not now. It really is in the middle of nowhere but if you desire wide open space, it’s the place to be.


18 posted on 12/04/2012 3:34:12 PM PST by cicero2k
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To: DManA

Never mind the previous post. What a coincidence that Ely Nevada has promising mining operations also.


19 posted on 12/04/2012 3:36:33 PM PST by cicero2k
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To: cicero2k

I’ve wondered about the coincidence of there being (at least) two Elys. Not a common name.


20 posted on 12/04/2012 3:41:15 PM PST by DManA
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To: Ernest_at_the_Beach; NormsRevenge; Carry_Okie; thackney; BOBTHENAILER; Grampa Dave; tubebender
Sorry, I just HAD to bring my new tagline to THIS thread!!!

Mrs Wasp and I are planning a trip to the boundary area early this coming summer. My mom and dad used to canoe all over that place when they were alive.

The EnvironMentalist will become so occupied protecting this place that they may drop their guard on a bunch of other places. Nah, I'm prolly dreamin in California... Phht!

21 posted on 12/04/2012 3:49:51 PM PST by SierraWasp (Blessed are they who prospect, dig & drill, for they are the primary producers of new, real wealth!!)
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To: Red Badger

Ambulance chasers, “wifebeater” chasers and endangered species wildlife conservation chasers... lawyers make their money that way. They will tax to their benefits everything they want. The government will approve the churches that finances its coffers.


22 posted on 12/04/2012 4:09:00 PM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: cripplecreek

These taxes are probably illegal to begin with because most of that stuff gets exported. The Founding Fathers knew export/income taxes would breed treachery and the downfall of the country.


23 posted on 12/04/2012 4:10:43 PM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: DManA

Mines Management has a similar one in Montana. It was initially claimed and drilled by one Co, and then subsequently got Wilderness status. MM sank a shaft into it from 2.5 miles away IIRC...


24 posted on 12/04/2012 4:46:05 PM PST by Axenolith (Government blows, and that which governs least, blows least...)
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To: cripplecreek
Here in Michigan they’re relaxing regulations and easing taxation on mining. There are massive metal deposits across Minnesota, Wisconsin, and Michigan.

China will pay a lot of (our) money for those mines...

25 posted on 12/04/2012 4:46:33 PM PST by Iscool (You mess with me, you mess with the WHOLE trailerpark...)
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To: cicero2k
I know Ely well from my travels in the Boundary Waters Canoe Area Wilderness. Beautiful country up there, but those places in the Iron Range have truly seen their better days.

Interesting tidbit: More than a third of the players from the 1980 U.S. Olympic hockey team were from northern Minnesota, including Bill Baker, Neal Broten, Dave Christian, John Harrington, Mark Pavelich, Buzz Schneider and Phil Verchota. That's probably one reason why the U.S. Hockey Hall of Fame is located in Eveleth, an old mining town in the Iron Range.

26 posted on 12/04/2012 6:57:09 PM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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