This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Twin Metals Mine Estimate Boosted 19 Percent

By STEVE KARNOWSKI

MINNEAPOLIS (AP) â¿¿ The company planning an underground copper, nickel and precious metals mine near Ely in northeastern Minnesota boosted its estimates Tuesday of the reserves the site holds.

Toronto-based Duluth Metals Ltd., the parent company of Twin Metals Minnesota LLC, said its final estimates are an average of 19 percent higher than an interim estimate the company issued in June, when CEO Christopher Dundas called it a "monster deposit" and estimated the value of the metals at more than $100 billion.

The company will use the data as it develops a detailed plan for the Twin Metals mine, which it plans to build eventually just east of Birch Lake, about 15 miles southeast of Ely. Twin Metals has said its $2 billion project would create hundreds of jobs, but any actual mining is years away.

The new estimate is based on data from additional drill holes, which confirm that the Twin Metals resource is one of the largest copper-nickel-precious metals deposits in the world and one of the largest platinum and palladium resources outside South Africa, the company said in its statement. One highlight of the report was sharply higher estimates for platinum, palladium and gold.

According to the new estimate, the site contains "indicated resources" of 13.7 billion pounds of copper, 4.4 billion pounds of nickel and 21.2 million ounces of palladium, platinum and gold. The company has high confidence in those estimates because they're based on samples from a high number of drill sites. It separately projects "inferred resources" of 11.8 billion pounds of copper, 4 billion pounds of nickel and 12.8 million ounces of precious metals, but those estimates are less certain because they're based on fewer samples.

One of the next major steps is a "prefeasibility study" the company is conducting to lay the foundation for the mine plan and its environmental reviews. Duluth Metals spokeswoman Mara Strazdins said they expect to complete it sometime in the first half of 2014.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs