MINNEAPOLIS (AP) — A major partner has given up the right to take a bigger stake in a proposed copper-nickel mine near Ely in northeastern Minnesota.
Chilean-based mining company Antofagasta PLC said Thursday it has terminated its option to buy another 25 percent of Twin Metals Minnesota. The announcement says Toronto-based Duluth Metals Ltd. is now assuming control of the joint venture.
Duluth Metals owns 60 percent of Twin Metals. Antofagasta says it's evaluating its options for what to do with its 40 percent interest in the joint venture and its 10 percent direct ownership stake in Duluth Metals.
The proposed underground copper-nickel-precious metals mine is under fire from environmentalists. Aaron Klemz of the Friends of the Boundary Waters Wilderness says the development has to change the dynamics of the issue going forward.