Duluth Metals to be sold to Chilean mining company for $85M, along with 40,000 acres of land

IndustriesAssociated Press

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.

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Minnesota Public Radio News (http://bit.ly/1x0P6MF ) reports Duluth Metals controls 40,000 acres of mineral interests on land near the proposed site of the Twin Metals project. The firm has been exploring the northeast part of the state in search of copper and other metal for nearly 10 years.

It's still unclear how the project would progress after Antofagasta takes over.

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Information from: Minnesota Public Radio News, http://www.mprnews.org