A major partner has given up the right to take a bigger stake in a proposed copper-nickel mine near Ely in northeastern Minnesota. Chilean-based mining company Antofagasta PLC said Thursday it has terminated its option to buy another 25 percent of Twin Metals Minnesota. The announcement says Toronto-based Duluth Metals Ltd. is now assuming control of the joint venture.
The parent company for the proposed Twin Metals copper-nickel mine near Ely expects to reach a key milestone in the coming months. Duluth Metals Limited says its “pre-feasibility” study is progressing well and is scheduled for completion by mid-year.
Three companies have submitted bids for the right to explore and mine for copper, nickel and other metals in Minnesota’s latest mineral rights auction.
The company planning a copper-nickel mine near Ely has boosted its estimates of how much metal it’s sitting on.
A Minnesota company is stepping onto the international stage in a partnership worth well over $100 million.