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Mining company boosts projections of 'monster deposit' near Ely

Duluth Metals, the Canadian-based parent of Twin Metals Minnesota, says new data confirms they have one of the world's largest deposits of copper, nickel and precious metals. CEO Christopher Dundas tells the Associated Press he estimates the value at more than $100 billion.
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Duluth Metals, the Canadian-based parent of Twin Metals Minnesota, says new data confirms they have one of the world's largest deposits of copper, nickel and precious metals. CEO Christopher Dundas tells the Associated Press he estimates the value at more than $100 billion.

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New estimates of precious metals near Ely could surpass $100 billion

A mining company exploring copper and nickel deposits southeast of Ely will update its estimate later this month. Twin Metals has drilled more than 400 holes as it puts together a picture of the deposits. One industry expert tells MPR it's already clear there's enough precious metal to keep mines busy for 60 years. The debate over whether to issue environmental permits is in the early stages, though, and any mines are still years away.

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Twin Metals wants to build the largest mine in Minnesota history -- a project on par with the biggest mines in the world -- to tap into what geologists say are enormous metal deposits. The Duluth News Tribune says it would be among the most extensive private enterprises in state history.

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The Associated Press reports new technology will allow miners to reach down nearly 4,000 feet into the earth to tap into possibly one of the largest untapped nickel and copper mines in the world. Twin Metals executives say the project will bring thousands of new jobs to the Iron Range.

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