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
Link here to StarTribune.com.
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.
My guess is the minerals will stay in the ground. Minnesota's very anti-business climate would discourage interest in extraction,
ReplyDeleteBefore dreaming about this states mineral wealth, and it is a tremendous asset, there needs to be a major review and attitude change by state government and its citizens about such things. It will take decades for that to change therefor the minerals will stay in the ground.
Like California who also has tremendous mineral resources the prevailing attitudes of its citizens prevents extraction. Dido for Minnesota.
I agree; I was waiting for someone else to say it. Smile.
DeleteThinking of the situation in California, I wonder what will happen if the tax increase does not achieve the desired results. Will the public employee unions become more supportive of the oil industry?
DeleteI don't think so. Ideology trumps reality.
Delete