Posted at: 12/04/2012 1:02 PM
MINNEAPOLIS (AP) - The company planning an underground copper, nickel and precious metals mine near Ely in northeastern Minnesota has boosted its estimates of the reserves the site holds.
Toronto-based Duluth Metals says its final estimates are an average 19 of percent higher than an interim estimate in June. The company will use the data as it develops detailed plans for its Twin Metals mine, which it plans to build eventually just east of Birch Lake.
The new estimate is based on data from additional drill holes, which the company says confirm that the Twin Metals resource is one of the largest copper-nickel-precious metals deposits in the word, and one of the largest platinum and palladium resources outside South Africa.
Another company is developing an open pit nonferrous metals mine near Hoyt Lakes.
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