Bureau of Land Management Renews Twin Metals Minnesota Federal Leases
ST. PAUL, Minn., May 15, 2019 – Twin Metals Minnesota (TMM) is pleased that the federal Bureau of Land Management (BLM), in consultation with the U.S. Forest Service (USFS), has renewed TMM’s federal mineral leases, held in good standing for more than 50 years.
The leases cover land nine miles southeast of Ely, Minn., site of one of the world’s largest untapped deposits of copper, nickel, and platinum group metals, and including the area where TMM is preparing a proposal for an underground mine.
The announcement was made today by Department of Interior Assistant Secretary for Land and Mineral Management Joe Balash. Congressman Pete Stauber (MN-08) and Congressman Tom Emmer (MN-06) attended the announcement.
The renewed leases add new conditions, including higher annual royalty payments, project milestones, and additional environmental requirements.
“This lease renewal is a critical step to allow us to present a proposal for our underground mine project,” said Kelly Osborne, TMM chief executive officer. “It’s very good news for us and for the communities in northeastern Minnesota who look forward to the hundreds of jobs and major economic development this mine will bring.”
In the coming months, TMM will submit its mine proposal to state and federal agencies, launching an extensive and rigorous environmental and scientific review by regulatory agencies, a process which requires significant input from the public. TMM is already working with the BLM, USFS, Minnesota Department of Natural Resources, and other government regulatory agencies to facilitate this process.
For more than a decade, TMM has been conducting the largest geological study in Northeastern Minnesota’s history. With more than $450 million already invested in the project, TMM is committed to developing these resources in an environmentally safe and sustainable manner. TMM will meet and, where possible, exceed all state and federal environmental standards, provide hundreds of jobs for generations of Minnesotans, and generate billions of dollars of environmentally-responsible economic growth in the region.
About Twin Metals Minnesota: Twin Metals Minnesota is a Minnesota company focused on designing, constructing and operating an underground copper, nickel, platinum, palladium, gold and silver mining project (TMM Project) in the Iron Range region of Northeast Minnesota. The TMM Project brings the promise of significant long-term jobs and environmentally responsible economic development for generations in Minnesota. Twin Metals is owned by Antofagasta plc, one of the top ten copper producers in the world. For more information, visit http://www.twin-metals.com/ and https://www.facebook.com/TwinMetalsMN/.