The Twin Metals Minnesota project has the potential to be one of the world’s largest and lowest-cost sources of copper, nickel and platinum group metals, and Twin Metals mineral resources could support production for generations. Twin Metals Minnesota is already having a significant impact on job creation and economic development in Minnesota by supporting as many as 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, permitting and construction. In fact, the project would generate approximately two additional indirect jobs per direct job at the mine site in the region’s economy, according to a University of Minnesota Duluth study.
Mining offers living wages that can support families, educate children, 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 2016 was $77,232, more than 41 percent greater than the average wage for all other industries. A 2017 study conducted by Praxis Strategy Group, found that the average tourism industry wage in northeastern Minnesota was $18,200, further solidifying the strong economic impact of the mining industry in Minnesota.
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.