"The population of Hoyt Lakes, a town dotted with maple and pine trees in the hills of Minnesota, has fallen by half to 1,400 since 2001, when declining metals prices forced LTV Steel Co. to close a nearby iron mine and refinery.

Now, PolyMet Mining Corp. in its first project plans to revive the deposit as a copper and nickel mine using specially developed technology. That will help draw back some of those who left, says Robert Bartholomew, president of the town's Chamber of Commerce.

Even after the dollar's rise and fears of global recession dragged down raw-material prices in recent weeks, copper is still 300 percent higher than five years ago, nickel is up 93 percent and gold has more than doubled. This has encouraged a new look at abandoned mines in North America. For PolyMet, Mercator Minerals Ltd. and Franconia Minerals Corp., the risks are lower than in countries with political instability, changing laws and rising royalties...

Franconia's Birch Lake deposit, eight miles (13 kilometers) from PolyMet's project, is part of the Duluth Complex, which the company says is the world's largest undeveloped copper, nickel and platinum-group metal resource. Platinum-group metals, often found together, include palladium, rhodium and ruthenium.

"Ten to 15 years ago, the major mining companies said, `It's too complicated in North America; let's look at greener pastures.''' said Gavin. "They're rethinking that.''

Teck Cominco Ltd., Canada's largest diversified mining company, has joined PolyMet, based in Hoyt Lakes, and Franconia in reassessing copper and nickel resources at the complex. Duluth abuts a mineral deposit where iron ore was once the only material that could be extracted commercially in the area.

At Duluth, PolyMet is ripping out machinery that separated iron ore and installing equipment that will yield copper, nickel and platinum-group metals. Residents are hoping the development of the mine will revive the town of Hoyt Lakes." (8/19/08)
    -   Bloomberg

"A rich nickel-copper-precious metals formation stretching from the outskirts of Babbitt toward Ely in Minnesota is drawing plenty of interest from mine developers.

Five different companies have projects in the works that could mean hundreds of new jobs.

Geologists estimate the formation contains five billion to six billion tons of ore produced in a magma extrusion millions of years ago. The ore is laden with copper, nickel, platinum, palladium, gold and cobalt.

Duluth Metals chief executive Henry "Rick" Sandri says the value of the ore is probably close to half a trillion dollars.

His company has rights an estimated 733 million metric tons of mineable ore southeast of Ely." (7/19/08)
    -   Associated Press

"Cleveland-Cliffs, which owns Northshore Mining plant in Silver Bay, United Taconite in Eveleth and part of Hibbing Taconite, is a critical link in the multibillion-dollar chain of development, expansions and investments taking place on Minnesota's long-suffering Mesabi Iron Range.

On the Iron Range alone, Polymet Mining, Duluth Metals and Franconia Minerals, Mesabi Nugget and Minnesota Steel Industries all have iron or copper and nickel mining operations in various stages of approval and exploration. Separately, United Taconite, U.S. Steel Keewatin Taconite, U.S. Steel Minntac Plant and Mittal Steel USA/Minorca in Virginia have spent hundreds of millions of dollars upgrading plants and iron ore production capabilities in an effort to meet soaring demand." (7/18/08)
    -   startribune.com

"As of 2002, geologists estimated the deposit — dubbed the Duluth Complex — contained about 4.4 billion metric tons of ore laden with copper, nickel, platinum, palladium, gold and cobalt.

Now, the formation is believed to contain 5 billion to 6 billion tons of valuable ore produced as a result of a magma extrusion millions of years ago.

“The value of that ore in the ground today is probably closing in on half a trillion dollars,” said Henry “Rick” Sandri, CEO and president of Duluth Metals Ltd., a Toronto-based corporation sitting on top of rights to an estimated 733 million metric tons of mineable ore southeast of Ely.

Duluth Metals’ exploration efforts continue, and Sandri said that by the time drilling is completed on the site, the company could uncover more than 1 billion metric tons of mineable ore, according to staff at the University of Minnesota’s Natural Resources Research Institute." (7/14/08)
    -   Duluth News Tribune

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