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Projections upped for Ely mine's 'monster deposit'
biz journals ^ | 6-14-12 | Katharine Grayson

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 ...


TOPICS: Business/Economy; Government; US: Minnesota
KEYWORDS: china; duluth; ely; epa; metals; minerals; mining; mn
More stuff for Obumbler to make off limits via Executive Order , the UN can proclaim a World Heritage Site or the WWF to find the very last 3 of the previously unknown Spotted Ferret Bat.
1 posted on 06/14/2012 11:14:24 AM PDT by TurboZamboni
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To: TurboZamboni

What kind of metals are we talking about here? Iron ore or something more exotic?


2 posted on 06/14/2012 11:18:29 AM PDT by henkster (Wanted: Politicians willing to say "No" to people. No experience required.)
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To: TurboZamboni

And the EPA will issue stoppage procedures starting in 5 seconds, 4,3,2,1...


3 posted on 06/14/2012 11:19:10 AM PDT by lurk
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To: henkster

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.

http://minnesota.publicradio.org/display/web/2012/06/13/business/company-boosts-projections-for-mine-near-ely/?refid=0

This is a huge deposit of valuable metals.


4 posted on 06/14/2012 11:23:22 AM PDT by henkster (Wanted: Politicians willing to say "No" to people. No experience required.)
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To: TurboZamboni

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.


5 posted on 06/14/2012 11:24:02 AM PDT by SueRae (The Tower of Sauron falls on 11.06.2012)
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To: henkster
This may answer your question.

http://www.bizjournals.com/twincities/morning_roundup/2012/02/big-iron-titanium-veins-found-near.html

6 posted on 06/14/2012 11:25:43 AM PDT by Randy Larsen (I hate pragmatists!)
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To: henkster

mostly copper


7 posted on 06/14/2012 11:30:08 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: lurk

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.


8 posted on 06/14/2012 11:33:06 AM PDT by henkster (Wanted: Politicians willing to say "No" to people. No experience required.)
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To: TurboZamboni

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.


9 posted on 06/14/2012 11:59:10 AM PDT by yefragetuwrabrumuy
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To: yefragetuwrabrumuy

That sort of behaviour is quite rare amongst large, established mining companies.


10 posted on 06/14/2012 12:10:34 PM PDT by USFRIENDINVICTORIA
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To: SueRae

The mine is located near Ely, Nevada


11 posted on 06/14/2012 12:24:28 PM PDT by winodog
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To: TurboZamboni

“...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!


12 posted on 06/14/2012 12:27:33 PM PDT by G Larry (Criminals thrive on the indulgence of society's understanding)
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To: yefragetuwrabrumuy
Whereas in every other gold mine, the quality of the ore decreases with depth...

You might want to sit in on an Ore Deposits class before spouting this nonsense.

13 posted on 06/14/2012 12:39:55 PM PDT by Cuttnhorse (Knowledge is knowing a tomato is a fruit; wisdom is not putting it in a fruit salad.)
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To: winodog
The mine is located near Ely, Nevada

Bzzzt...thank you for playing and read the article.

14 posted on 06/14/2012 12:42:29 PM PDT by Cuttnhorse (Knowledge is knowing a tomato is a fruit; wisdom is not putting it in a fruit salad.)
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To: winodog
"The mine is located near Ely, Nevada."

Geography ain't your strongest subject I hope.

Ely NV is a long damned way from Minnesota.

15 posted on 06/14/2012 12:46:01 PM PDT by diogenes ghost
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To: TurboZamboni
WWF
16 posted on 06/14/2012 12:52:25 PM PDT by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: TurboZamboni

I call B.S. on this!

Next they’ll be wanting us to believe that there’s oil in North Dakota!

Oh wait...


17 posted on 06/14/2012 1:05:19 PM PDT by 43north (BHO: 50% black, 50% white, 100% RED)
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To: winodog
The mine is located near Ely, Nevada

OK, the cage is now open for bets as to when the EPA will announce increased regulation of copper mining.

18 posted on 06/14/2012 1:17:09 PM PDT by Real Cynic No More (OxBAMA!!'s name is all caps as sarcasm to indicate a lack of respect, as he does not deserve it)
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To: winodog

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.


19 posted on 06/14/2012 2:03:01 PM PDT by SueRae (The Tower of Sauron falls on 11.06.2012)
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To: SueRae

You were right. I apoligize.


20 posted on 06/14/2012 2:14:54 PM PDT by winodog
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To: TurboZamboni
Great ! Huge new deposits of oil, gas, coal, rare minerals, . . Now all we need is a huge new deposit of high grade iron, especially if it's in the sunny South, and we'll be able to be self-sufficient in damn near everything. Under Carter the democrat fascists dropped their, "post industrial society" party line, and moved to the next stage which is that we should not only become a third world chithole, but enjoy being a third world chithole.

Talk about "Hand writing on the wall", divine providence is making a mockery of all the fascist propaganda about impending shortages of everything and our bleak future.

If the majority of voters ignore the fact that we could be easily become energy and resource independent just by shedding the democrat fascist regulatory dictatorship, then this country richly deserves to go down the toilet as it most assuredly would during a second King Barry term.

Think of the democrat fascists like Bill Clinton who are no doubt drooling over the thought of having a bigger pie to slice up rather than haggling over how to slice up one that's shrinking. They have to realize what an immense economic boom would come from mining and drilling like we used to along with being energy independent. And they have to realize how such a huge boom would revitalize all the old democrat fascist marketing ploys.

Democrat fascists who have even the least little bit of good sense realize that King Barry is throwing away a golden opportunity by pushing his agenda rather than getting ahead of the curve. Given that the Clintons and the Clinton faction within the fascist party have yet to get even with Barry, I'd say that if King Barry has someone other than Biden as VP on the democrat fascist ticket this fall he'll be signing his own death warrant.

Anyone who still votes for any of the democrat fascists isn't stupid, they're absolutely dedicated to the fascist vision of a ruling nobility. Destroying the country by replacing the Constitution with the fascist nobility system has been the goal of the democrat fascist party ever since they lost the Civil War and anyone who votes for them is dedicated to the same goal. There's no way around it anymore, people who vote for those who support eugenics driven mass murder and rule by nobility aren't being duped, they're dedicated just like the democrat fascists they vote for and are an enemy of the Constitution.

The democrat party is now and always has been the party of slavery, sedition, treason, secession, civil war, KKK terrorism, Jim Crow laws, eugenics laws, constant voter fraud, constant voter intimidation, anti-Semitic immigration restrictions (in response to Nazi Nuremberg laws), advocates of titles of nobility for protected classes of citizens who are above the law, creators of anti-Christian mythology, creators of the welfare plantation system, advocates for infanticide, euthanasia, homosexuality, bestiality, and sexual perversions of ever sort, as well as being the party that designed, implemented, and fights to lavishly fund the systematic, racist, eugenics driven, mass murder of minority infants.

The democrat party has to be so thoroughly destroyed as a national political party that it is no longer a factor in national politics. The entire democrat machine, including both government employee unions and the democrat rewards and propaganda infrastructure academia has become, needs to be fought until, to paraphrase Bull Halsey, “ ... democrat is only spoken in hell”.

21 posted on 06/14/2012 5:59:29 PM PDT by Rashputin (Only Newt can defeat both the Fascist democrats and the Vichy GOP)
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To: Rashputin
Now all we need is a huge new deposit of high grade iron,

There is enough iron on the Mesabi, about 20 miles from Ely, to supply all our needs for a couple of hundred years.

22 posted on 06/21/2012 7:01:34 AM PDT by DManA
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