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3 Companies Bid in Mineral Rights Auction

Posted at: 10/24/2012 4:44 PM
By: STEVE KARNOWSKI, Associated Press

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MINNEAPOLIS (AP) - Three companies have submitted bids for the right to explore and mine for copper, nickel and other metals in Minnesota's latest mineral rights auction.

The Department of Natural Resources says Duluth Metals bid on nine parcels northwest of Silver Bay in Lake County. Encampment Minerals bid on 21 parcels south of Hoyt Lakes. And MMG USA Exploration bid on one parcel southeast of McGregor in Aitkin County.

Such lease auctions attracted little attention before the boom in exploration for what are believed to be vast untapped reserves of valuable metals underneath parts of northeastern Minnesota. The DNR's last lease auction prompted an angry outcry.

The DNR plans to review the new bids, then notify landowners and submit them to the state's Executive Council, which is scheduled to meet Dec. 6.

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