The Twin Metals Minnesota underground mine project currently in the early stages of design and environmental study has the potential to be one of the world’s largest and lowest-cost sources of copper, nickel and platinum group metals for up to a century. Twin Metals Minnesota is already having a significant impact on job creation and economic development in Minnesota by supporting up to 200 direct and consultant/contractor jobs, and additional spin-off jobs and economic activity. To date, more than $400 million has been invested in exploration and project development activities, and approximately $1.2 billion will be invested in further design and construction. In fact, the Project would generate approximately two more additional indirect jobs per direct job at the mine site in the region’s economy, according to a University of Minnesota Duluth study.
Mining also offers living wages that can support families, send children to college, provide for retirement and build local communities. Put simply, average mining wages and benefits significantly outpace other industries in Minnesota. According to the U.S. Bureau of Labor Statistics, the average annual wage for a Minnesota mining job in 2015 was $78,635, more than 45 percent greater than the average wage for all other industries.
What’s more, royalties from the Twin Metals Project will contribute significant revenues to Minnesota’s K-12 public schools through the Minnesota Permanent School Fund. Currently, the Minnesota Permanent School Fund generates an average annual payment of $25 million to public schools throughout the state. The Minnesota Department of Natural Resources estimates that new mining projects in the area have the potential to generate nearly $3 billion in royalty revenue for the state’s Permanent School Trust Fund, which would support the education of nearly 900,000 K-12 students statewide.
For more information about school trust lands and the Minnesota Permanent School Fund, visit the Minnesota DNR’s website.