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. To date, more than $400 million has been invested in exploration and project development activities, supporting up to 200 direct and consultant/contractor jobs, and additional spin-off jobs and economic activity. 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 a family, sustain communities and drive economic growth. 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, nearly $25,000 above the average 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.