| Duluth Metals to be sold to Chilean mining company | |
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ST. PAUL, Minn. (AP) -- Duluth Metals says it's selling its operations to Chilean mining giant Antofagasta PLC for about $85 million.
The two companies have been partners in Twin Metals Minnesota, which seeks to tap copper and nickel deposits in a massive swath of land near Ely. The region just a few miles south of the Boundary Waters Canoe Area Wilderness may contain the largest untapped source of precious metals in the world.
Duluth Metals controls 40,000 acres of mineral interests on land near the proposed site of the Twin Metals project, Minnesota Public Radio News (http://bit.ly/1x0P6MF ) reported. The firm has been exploring the northeast part of the state in search of copper and other metal for nearly 10 years.
"I think this deal removes a certain amount of uncertainty in the marketplace because Antofagasta is quite a substantial company in very good financial condition," Duluth Metals CEO Christopher Dundas said.
It's still unclear how the $2.5 billion copper-nickel mine project would progress after Antofagasta takes over.
Antofagasta officials said Monday the company is still interested in the Ely mineral deposits and plans to re-evaluate the design of the Twin Metals project.
The project has faced opposition from environmentalists and local residents who are afraid the mining activities would taint the area that's known for its sprawling wilderness.
"We'll pay close attention," Friends of the Boundary Waters spokesman Aaron Klemz said. "But we're unclear about what this might mean for the project moving forward."
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Information from: Minnesota Public Radio News, http://www.mprnews.org
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Antofagasta plc
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PRODUCER |
CODE : ANTO.L |
ISIN : GB0000456144 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Antofagasta is a copper and gold producing company based in United kingdom. Antofagasta produces copper, gold, molybdenum and silver in Chile, develops copper and gold in Chile and in Pakistan, and holds various exploration projects in Australia, in Chile, in Peru and in Sweden. Its main assets in production are MICHILLA, EL TESORO MINE, LOS PELAMBRES, EL TESORO, ESPERENZA (OXIDES) and ESPERANZA (SULPHIDES) in Chile, its main assets in development are REKO DIQ in Pakistan and LINCE/MICHILLA in Chile and its main exploration properties are PUNT HILL and PYRAMID ( ALASKA) in Australia, KIRUNA SOUTH in Sweden, CORDILLERA DE LAS MINAS in Peru and ANTUCOYA in Chile. Antofagasta is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 2 223.1 billions as of today (US$ 2 594.8 billions, € 2 425.1 billions). Its stock quote reached its lowest recent point on October 18, 2002 at GBX 100.00, and its highest recent level on April 26, 2024 at GBX 2 255.00. Antofagasta has 985 856 000 shares outstanding. |