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.

Recent flooding has taken a toll not only on the Northland’s roads but also on its rail lines, complicating operations for Iron Range mines. Mining companies have pressed fleets of trucks into service. And it takes a lot of trucks to replace a train. One company is using up to 60.

The new position will act as a facilitator for mining projects and oversee state regulations for taconite and copper-nickel mining. Officials say they're hoping to fill the role as quickly as possible.

The Duluth News Tribune reports the $297 million deal could bring anywhere from 200 to 400 new jobs to northern Minnesota.

Mining companies from around the world are exploring what lies under northeastern Minnesota and are finding some of the largest copper deposits on the planet. Minnesota's lode is estimated at 900 million tons, which would be second only to Russia. With economic growth - especially in China - pushing up demand for copper and other metals, Minnesota is poised for a resurgence of well-paying mining jobs.

The Department of Natural Resources is auctioning rights to prospect and mine for metallic minerals on close to 64,000 acres in northeastern Minnesota, in Aitkiin, St. Louis and Lake counties, the Associated Press reports.