Not a Bakken Story But Several Readers Interested In Regional Stories: PolyMet and Twin Metals; Minnesota With Larger Deposit of Precious Metals Than Previously Estimated

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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."

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.

The project, along with a proposed mine run by PolyMet Mining Corp., has raised alarms among environmentalists, who worry about the potential impact on northern forests and lake country. PolyMet, which plans a $600 million open-pit project near Hoyt Lakes, is now preparing for the environmental approval process, which it expects to start next year.