Dep't of Interior cancels Minnesota mineral leases in blow to Antofagasta's Twin Metals

Kitco Media
By Michael McCrae
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

The Department of the Interior announced today that it canceled two hardrock mineral leases adjacent to the Boundary Waters Canoe Area Wilderness in northeastern Minnesota.

Twin Metals, which is owned by Antofagasta plc, is trying to advance an underground copper, nickel, cobalt and platinum group metals mining project in the region. The miner said it was "stunned" by the announcement.

"Twin Metals Minnesota is deeply disappointed and stunned that the federal government has chosen to enact a 20-year moratorium on mining across a quarter million acres of land in northeast Minnesota. This region sits on top of one of the world’s largest deposits of critical minerals," wrote the company in a news release.

The interior department said it found "...significant legal deficiencies in the circumstances surrounding the 2019 renewal, including: the lease renewal forms contravened the Department’s regulations; the Department did not duly recognize the U.S. Forest Service’s consent authority; and the inadequate environmental analysis failed to include a no-renewal, no-action alternative."

Kitco Media

Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

Mdi Earth Logo

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.