Royalties from the Twin Metals Minnesota project will contribute significant revenues to Minnesota’s K-12 public schools through the Minnesota Permanent School Fund.
In 1858, Minnesota received a large land grant from the federal government with the intent that the lands provide a long-term source of funds for public education in the state. Today, Minnesota owns 2.5 million acres of school trust land, which generates royalties for the Permanent School Fund from the timber and mining industries. The Minnesota Department of Natural Resources (DNR) is responsible for managing the school trust land for “maximum long-term economic return.”
Currently, the Minnesota Permanent School Fund has assets of approximately $800 million, which generates an average annual payment of $25 million to public schools throughout the state. In a recent analysis by the Minnesota DNR, it is estimated that new strategic metals mining (copper, nickel, platinum, palladium and gold) in Minnesota could generate $2.5 billion in additional royalties for the Permanent School Fund over a ten year period, significantly increasing the annual financial support provided to Minnesota schools.
For more information about school trust lands and the Minnesota Permanent School Fund visit the Minnesota DNR’s website.