Duluth Metals Ltd. (fka DULMF)

[Renee]

DULMF, Antofagasta acquired all of the issued and outstanding common shares of the Company for $0.45 in cash per share. Finra deleted symbol:

http://otce.finra.org/DailyList

[tdbowieknife]

Done deal...

http://finance.yahoo.com/news/antofagasta-investment-company-limited-completes-141600372.html;_ylt=AwrBEiThG8BUYlIARViTmYlQ

..

http://www.mprnews.org/story/2015/01/21/duluth-metals-deal

.

[tdbowieknife]

Duluth Metals signs definitive acquisition agreement with Antofagasta plc


TORONTO, Nov. 21, 2014 /PRNewswire/ - Duluth Metals Limited ("Duluth", "Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that it has signed the definitive acquisition agreement (the "Acquisition Agreement") with a wholly-owned subsidiary of Antofagasta plc ("Antofagasta") pursuant to which Antofagasta has agreed, subject to the terms of the Acquisition Agreement, to acquire all of the outstanding common shares of Duluth Metals by way of a plan of arrangement at a price of CDN$0.45 per share in cash (the "Transaction"). The due diligence condition in favor of Antofagasta in the prior agreement announced November 3, 2014 has been satisfied.

The Transaction, first reported in a press release dated November 3, 2014, represents a 284% premium to the 20-day volume weighted average price of Duluth Metals' common shares on the TSX as at October 31, 2014.

Kelly Osborne, President and CEO of Duluth commented: "We are pleased to have completed the definitive Acquisition Agreement with our partner Antofagasta and look forward to completing the plan of arrangement."

In addition, Antofagasta previously agreed to purchase common shares of Duluth in a private placement for aggregate proceeds of CDN$2.3 million at CDN$0.45 per share. On November 10, 2014, Antofagasta funded the initial CDN$1 million tranche of the CDN$2.3 million private placement. The second and final tranche of CDN$1.3 million is expected to close later today. After giving effect to the private placement Antofagasta will own 24,341,673 shares or approximately 17.2% of 141,879,095 Duluth common shares. Antofagasta has also extended the term of the currently outstanding bridge loan from Antofagasta to Duluth by 12 months, with the repayment date subject to acceleration in certain circumstances.

Antofagasta has entered into lockup agreements with all of Duluth's directors and officers and with Wallbridge Mining Company Limited who collectively own approximately 6.9% of Duluth's outstanding common shares after giving effect to the private placement referred to above.

The Acquisition Agreement contains customary deal support provisions, including non-solicitation, superior proposal and right-to-match provisions in favor of Antofagasta and the payment to Antofagasta of a termination fee of CDN$3.5 million if the acquisition is not completed in certain specified circumstances.

Duluth's Board of Directors expects that an information circular recommending the Transaction will be mailed to shareholders by December 10, 2014. The Transaction is subject to a 66 2/3% shareholder approval condition, majority of minority approval and court approval. A shareholder meeting to consider and vote on the Transaction is expected to be held in mid-January 2015. Subject to receiving the requisite court and shareholder approval and the satisfaction of other customary conditions, completion of the plan of arrangement and the closing of the Transaction is contemplated to occur within five days of the shareholders meeting.

Barclays is acting as financial advisor to Duluth and has rendered a fairness opinion to the Duluth Board of Directors in connection with the Transaction. Bennett Jones LLP and McLean & Kerr LLP are acting as legal counsel to Duluth. The Special Committee of the Board of Directors of Duluth retained RBC Capital Markets ("RBC") to prepare a formal valuation in accordance with the requirements of Multilateral Instrument 61-101. Subject to the assumptions, limitations and qualifications set forth in its valuation and fairness opinion, RBC is of the opinion that, as of November 20, 2014, the fair market value of the Duluth common shares is in the range of CDN$0.10 to CDN$0.65 per Duluth common share and that the consideration under the Transaction is fair from a financial point of view to holders of Duluth common shares, other than Antofagasta and its affiliates. The formal valuation and fairness opinion of RBC will be included in the information circular to be sent to Duluth shareholders. BMO Capital Markets and Rothschild are acting as financial advisors to Antofagasta and Cassels Brock & Blackwell LLP is acting as legal counsel to Antofagasta.


http://www.prnewswire.com/news-releases/duluth-metals-signs-definitive-acquisition-agreement-with-antofagasta-plc-283538781.html

[tdbowieknife]

Duluth Metals Completes Initial Tranche of Private Placement with Antofagasta for Approximately CDN $1 Million
4:19p ET November 10, 2014 (PR NewsWire) Print


Duluth Metals Limited ("Duluth", "Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that, further to its news release dated November 3, 2014, it has completed the initial tranche of the private placement with Antofagasta Investment Company Limited ("Antofagasta"), comprised of 2,222,222 common shares at a price of CDN$0.45 per share for gross proceeds of approximately CDN$1,000,000. The private placement was completed in connection with a binding agreement dated November 3, 2014 (the "Acquisition Agreement") between Duluth and Antofagasta, whereby Antofagasta has agreed, subject to the terms of the Acquisition Agreement, to acquire all of the outstanding common shares of Duluth by way of a friendly take-over bid or a plan of arrangement at a price of CDN$0.45 per common share in cash (the "Transaction"). A second tranche of the private placement, in the amount of CDN$1.3 million, is expected to be completed on the date of execution of a definitive agreement with respect to the Transaction, which is scheduled to occur by November 21, 2014.

[trickledownfacists]

News filtering through the networks.

The Toronto ticker is selling like hot cakes.

[tdbowieknife]

Not a done deal yet... Still risk.

[Buddha Jones]

Ok understood - thanks for the response and info.

My only question then is, even at $0.40, that's almost a 20% return with where the price is now. Why isn't it getting gobbled up?

[trickledownfacists]

Either sell in the open market today or you will be cashed out once the deal is done

[tdbowieknife]

If the deal is approved by shareholders, yes... And .045 is Canadian that's .40 American.

Analyst and Investor Conference Call

A conference call with senior management of Duluth Metals for the investment community has been scheduled for Monday November 3, 2014 at 11:00 a.m. EST. Christopher Dundas, Executive Chairman, and Kelly Osborne, President and CEO, will be available to answer questions during the call. To participate in the call, please dial-in five minutes prior to the call:

Participant Dial-In Number(s): *Operator Assisted Toll-Free Dial-In Number: 1-888-231-8191*Local Dial-In #: 647-427-7450

[trickledownfacists]

I agree, took the risk. More than I expected. Should have picked up more.

[Buddha Jones]

So what happens now? Are all cashed out at $0.45 a share?

[tdbowieknife]

Had a feeling something was up... Had no idea it would be Antofagasta buying them out. But I doubled my position on Thursday. Wish I would of picked up a few more Friday but didn't like the way trading looked. It looked like it was the end of the line for Duluth Metals...

[trickledownfacists]

Glad I bought on Friday.

[trickledownfacists]

Nov 03, 2014
Duluth Metals Agrees to Acquisition by Antofagasta PLC
TORONTO, Ontario, November 3, 2014 - Duluth Metals Limited ("Duluth", "Duluth Metals") (TSX: DM) (TSX:DM.U) today announces that it has entered into a binding agreement (the "Acquisition Agreement") with Antofagasta PLC ("Antofagasta") pursuant to which Antofagasta has agreed, subject to the terms of the Acquisition Agreement, to acquire through a wholly owned subsidiary, all of the outstanding common shares of Duluth Metals by way of a friendly take-over bid or a plan of arrangement at a price of CDN$0.45 per share in cash (the "Offer").

The Offer represents a 284% premium to the 20-day volume weighted average price of Duluth Metals' common shares on the TSX as at October 31, 2014.

Kelly Osborne, President and CEO of Duluth commented: "We are pleased to reach an agreement with our partner Antofagasta and enter into this acquisition transaction. During a difficult period for the mining industry, Duluth has been able to negotiate a significant premium to the current market share price."

Antofagasta has also entered into a lockup agreement with all of Duluth's directors and officers and with Wallbridge Mining Company Limited who collectively own approximately 10.9% of Duluth's currently outstanding common shares (136,767,985 common shares). In addition, Antofagasta, through its subsidiary, owns approximately 10.4% of Duluth's common shares

The Acquisition Agreement contains customary deal support provisions, including non-solicitation, superior proposal and right-to-match provisions in favour of Antofagasta and the payment to Antofagasta of a termination fee of CDN$3.5 million if the acquisition is not completed in certain specified circumstances. Antofagasta has also agreed to provide Duluth with a private placement of CDN$2.3 million at CDN$0.45 per share. In addition, Antofagasta has agreed to extend the term of the currently outstanding bridge loan from Antofagasta to Duluth by 12 months, with the repayment date subject to acceleration in certain circumstances. Duluth's Board of Directors has agreed that its directors' circular (if required) recommending the Offer will be mailed to shareholders at the same time as the mailing of the Antofagasta take-over bid circular. The Acquisition Agreement contemplates definitive agreements being entered into by November 21, 2014 and provides Antofagasta with a due diligence condition which must be satisfied or waived on or before the entering into of the definitive agreements. The Offer is subject to a 66-2/3% tender or approval condition.

Barclays is acting as financial advisor to Duluth and has rendered a fairness opinion to the Duluth Board of Directors in connection with the Offer. Bennett Jones LLP and McLean & Kerr LLP are acting as legal counsel to Duluth. The Special Committee of the Board of Directors of Duluth has retained RBC Capital Markets to prepare a formal valuation in accordance with the requirements of Multilateral Instrument 61-101. BMO Capital Markets and Rothschild are acting as financial advisors to Antofagasta and Cassels Brock & Blackwell LLP is acting as legal counsel to Antofagasta.

[trickledownfacists]

If there is no financing news on Monday I think we will watch a quick and brief decent. Thee exact opposite of course if there is news of a deal.

[trickledownfacists]

Oct. 29, 2014

Minnesota: Twin Metals Minnesota eliminated 16 positions as it moves into the next phase of its copper and nickel mine.

http://www.blindbatnews.com/2014/10/u-s-job-losses-store-closings-23-25-august-2014-we-lost-60-of-our-trees-no-more-peaches-thousands-could-lose-their-jobs-with-ashley-furniture-more-coal-mine-shutdowns/34852

[trickledownfacists]

http://www.techsonian.com/stocks-buzz-bunzl-otcmktsbzlfy-duluth-metal-otcmktsdulmf-repsol-otcmktsrepyy-aberdeen-asset-otcmktsabdny/12323880/

DULUTH METAL, (OTCMKTS:DULMF), is pleased to report that it has entered into an agreement with Industrial Alliance Securities Inc. to undertake a private placement of common shares for gross proceeds of up to CDN $5 million.

DULUTH METALS LTD (OTCMKTS:DULMF) moved down -44.01% with the closing price of $0.0650. The overall volume in the last trading session was 970,870 shares. Its fifty two week range was $0.06-$1.21. The total market capitalization remained $15.87 million.

[trickledownfacists]

Looking for a press release for the private funding.

[tdbowieknife]

That's from July 10th... Todays trading did not look good at all.

We need these "politician's" to get thier heads out of there ASSES....

[trickledownfacists]

Duluth Metals announced new management and technical team appointments for the Twin Metals Minnesota (TMM) joint venture. It includes two new members from Antofagasta, ANDRONICO LUKSIC and ALEJANDRO RIVERA, and three existing members from Duluth, KELLY J. OSBORNE (SME), CHRISTOPHER DUNDAS and JAMES JACKSON, BILL HAYES, RAMON JARA and GARY LOVING (SME) have resigned as directors. Dundas has been appointed as chairman of TMM. JUAN ANDRES MOREL, CEO of TMM, also resigned. Osborne, current president and CEO of Duluth Metals, will assume the role of CEO of TMM. The new Technical Committee appointees include VERN BAKER, previously president of Duluth Metals, ANDREW HARA and PHILLIP LARSON (SME) from Duluth Metals, as well as MURRAY CANFIELD and FRANCISCO WALTHER from Antofagasta. Baker has been appointed chairman of the Technical Committee.

[trickledownfacists]

Took a chance here at the bottom. High risk move so we will see.

[trickledownfacists]

Will the 5 million dollar private placement announcement come soon or do you think they were unable to secure it??

[trickledownfacists]

Thinking about an entry into this one. Near the bottom? Plm's success will help this? Election boost?

[tdbowieknife]

Looking for news of a new backer... One of these days.


..

[suberizedwrx]

Looks ready to buy soon. Just needs to get off this downtrend, set itself a low and run up. Watching this one for sure.

[Connsm]

I'm just guessing but if twin metals share price and money get low enough DULMF maybe released from building a multi billion under ground processing plant, and merge with Polymet and Glencore later on?

[Rocky-]

I'm hearing 0.05-0.10 PPS target price. Dayum this is hardcore for longs.

I need a good entry price point, how much lower could it go?

[ihubmkasp]

What's happening here? I got out of this a few months ago and it was around 56 cents but it looks to be crashing pretty hard now. I don't see any major news events or anything, was the last report really that bad?

[Connsm]

New article
McFadden aims to make mining an issue in the race for Senate
MPR

[tdbowieknife]

Draft feasibility study on Twin Metals forecasts profits

A draft feasibility study released Wednesday said that Duluth Metals Ltd.’s proposed copper and nickel mine near Ely should be competitive, profitable and sustainable over 30 years.

Financial analysts said the project still appears a long way from reality and pressed the Toronto-based company for more details. Minnesota’s other proposed copper and nickel mine -- PolyMet Mining Corp.’s project near Hoyt Lakes and Babbitt -- has been in a regulatory quagmire for nearly a decade.

The Twin Metals Minnesota Project, which proposes mining 50,000 “short” tons of minerals per day from the Maturi deposit in the northeastern corner of Minnesota, still must secure financing and pass environmental reviews. The project is located nine miles southeast of Ely and 11 miles northeast of Babbitt. The firm estimates it will eventually employ 850 people.

“We believe this is one of the great project in the world and we don’t need to get anywhere near a worst-case scenario,” Christopher Dundas, Duluth Metals chairman, said in the conference call. “We are encouraged with this project. And we think there is very good growth we can build on over the next few years.”

Duluth Metals CEO Kelly Osborne said the new independent report “validates the Twin Metals project to be one of the most compelling greenfield copper-nickel development projects in the world. The foundations of the project are its tremendous mineral resource, technically sound engineering and test work, strong operating margins and location in a state that supports the mining industry.”

The draft study the underground mine could ultimately produce 5.8 billion pounds of copper, 1.2 billion pounds of nickel, 1.5 million ounces of platinum and 4 million ounces of palladium. It also should deliver 1 million ounces of gold and 25 million ounces of silver. The project has a “net present value” of $1.4 billion after taxes and the minerals are “anticipated to be marketable to customers across the world,” the report said.

A final technical report is expected to be completed in 45 days.

While Duluth Metals plans to open a new mine, PolyMet has proposed reopening a taconite mine and processing plant to be used instead for copper and nickel. Regulators and environmentalists have scrutinized the project extensively because of the prospect that the mining process could leach sulfuric acid into nearby lakes. In 2009, the U.S. Environmental Protection Agency gave the PolyMet proposal its lowest rating for environmental safety.

The St. Paul-based company worked with regulators to address concerns and, in April this year, received the EPA’s second-highest rating for a revised environmental impact study. That study, still in draft form, could be approved by the agency within a few months of being finalized.

http://www.startribune.com/business/272019141.html

[The dead cat bouncer]

They have such a large deposit here of low grade ore. do anyone think this can be profitable.

[tdbowieknife]

Press Release: Duluth Metals Assumes Control and Operatorship of the Twin Metals Minnesota Project
10:00a ET July 3, 2014 (Dow Jones) Print

Press Release: Duluth Metals Assumes Control and Operatorship of the Twin Metals Minnesota Project
Duluth Metals Assumes Control and Operatorship of the Twin Metals Minnesota Project
Canada NewsWire
TORONTO, July 3, 2014
-- Antofagasta has delivered the "25% Option Termination Notice" to Duluth Metals as provided for under Section 6.4 of the Second Amended and Restated Participation and Limited Liability Agreement which effectively terminates Antofagasta's right to purchase an additional 25% equity interest in Twin Metal Minnesota LLC ("TMM") based upon an evaluation formula arising from the Bankable Feasibility Study

-- The project has now moved into the "40/60 phase" whereby Duluth maintains its 60% ownership of TMM and Antofagasta owns 40%

-- As a result, Duluth Metals assumes immediate control and operator status of the TMM Project

-- In addition, this notice provides Duluth Metals a contractual buy-back right on the Antofagasta 40% equity position in the next 180 days for a price equal to Antofagasta's sunk costs (currently estimated to be approximately US$220m) plus approximately US$10m currently outstanding under the bridge loan facility

-- If the buy-back right is not exercised, Duluth Metals is required to repay the bridge loan (plus accrued and unpaid interest), at its option, in either cash or Duluth shares

-- Furthermore governance changes take effect with Duluth Metals having three members and Antofagasta having two members on both the TMM Board of Directors and the TMM Technical Committee

-- Highlights of the AMEC NI 43-101 Pre-Feasibility Technical Report will be published by the end of July
TORONTO, July 3, 2014 /CNW/ - Duluth Metals Limited ("Duluth", "Duluth Metals") (TSX: DM) (TSX:DM.U) announces it has received a formal "25% Option Termination Notice" from Antofagasta plc ("Antofagasta") under Section 6.4 of the Second Amended and Restated Participation and Limited Liability Company Agreement between Antofagasta and Duluth Metals on the Twin Metals Minnesota ("TMM") Project. With the receipt of this notice, the joint venture moves immediately to the "40/60 Phase" and Duluth Metals now has a 180 day buy-back right to purchase the Antofagasta 40% equity position at a price equal to Antofagasta's sunk costs (currently estimated to be approximately US$220m) plus approximately US$10m currently outstanding (plus accrued and unpaid interest) under the bridge loan Antofagasta provided to Duluth Metals. If Duluth Metals does not exercise its buy-back right, Antofagasta will continue to own 40% of TMM and Duluth Metals will be required to repay the bridge loan facility (plus accrued and unpaid interest), at its option, in either cash or Duluth Metals shares. By delivering the Notice, Antofagasta no longer has the right to acquire 25% of the TMM Project from Duluth after the delivery of the Bankable Feasibility Study and the permitting of the TMM Project. In addition, Duluth Metals becomes the operator of the project and controls the TMM Board and the TMM Technical Committee by having three members and Antofagasta having two members on each.
"Duluth Metals is excited about moving the TMM Project through its next phase of project development and continuing to work together with Antofagasta.", stated Christopher Dundas, Executive Chairman of Duluth Metals. "We are looking forward to publishing highlights of the very comprehensive Pre-Feasibility ("PFS") Technical Report during the second half of July."
Kelly Osborne, President and CEO of Duluth Metals and former Interim VP Project for TMM commented, "We believe the highlights of the PFS Technical Report to be published later this month will showcase the strengths of the TMM Project, namely a great mineral resource in a mining friendly jurisdiction with much of the required infrastructure existing to support a large scale mining operation. The TMM Project Team has done a great job towards completing the PFS and we look forward to advancing the Project through its next phase of activity."
Analyst and Investor Conference Call
A conference call with senior management of Duluth Metals for the investment community has been scheduled for Thursday July 3, 2014 at 10:30 a.m. EDT. Christopher Dundas, Executive Chairman and Kelly Osborne, President and CEO will be available to answer questions during the call.
To participate in the call, please dial five minutes prior to the call:
Participant Dial-In Number(s):
Operator Assisted Toll-Free Dial-In Number: [phone]
Local Dial-In #: [phone]
About Duluth Metals Limited
Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Twin Metals Project, located within the rapidly emerging Duluth Complex mining camp in north-eastern Minnesota. The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals. Aside from the Twin Metals Minnesota joint venture, Duluth Metals retains a 100% position on approximately 40,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota, LLC, is a joint venture company, 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta. Twin Metals was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals holds mineral and land assets of approximately 32,000 acres of leased, leased applications and permitted land.
This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the results of drilling operations of Duluth Metals and exploration and mine development. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Duluth Metals has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the prices of copper, nickel and platinum group metals (PGMs) and the costs associated with continuing exploration and mining development. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, possible variations of copper, nickel and PGM grade or recovery rates, the need for additional funding to continue exploration efforts, changes in general economic, market and business conditions, and those other risks set forth in Duluth Metals' most recent annual information form under the heading "Risk Factors" and in its other public filings. Statements related to "reserves" and "resources" are deemed forward-looking statements as they involve the implied assessment, based on realistically assumed and justifiable technical and economic conditions, that an inventory of mineralization will become economically extractable. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. Although Duluth Metals has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Duluth Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
Cautionary Note to United States Investors Concerning Estimates of Indicated and Inferred Mineral Resources
(MORE TO FOLLOW) Dow Jones Newswires
July 03, 2014 10:00 ET

[tdbowieknife]

Halted... News pending. Better be good.

[tdbowieknife]

TWIN METALS:

• Twin Metals Minnesota (TMM) is pursuing the development and operation of an underground mining project in northeastern Minnesota, seeking to recover copper, nickel, gold, silver, and platinum and palladium (PGM) mineral resources.

• TMM is focusing its efforts on the potential mining of the Maturi and Maturi SW mineral deposits, located approximately 15 miles to the southeast of Ely, and 10 miles to the northeast of Babbitt. The Maturi and Maturi SW deposits are located within the Duluth Complex, one of the largest untapped sources of copper, nickel and PGM resources in the world.

• TMM is nearing completion of its Prefeasibility Study (PFS), an internal effort focused on refining mineral resource estimates, narrowing options for underground mine development and potential future mine operations, and selecting a “preferred option” to move forward for further detailed study and design. Completion of the PFS is an important milestone in eventually proposing a detailed “Mine Plan of Operations” to state and federal regulatory agencies for environmental review and permitting.

• TMM currently has approximately 40 employees with offices in Ely and St. Paul.

• To date, TMM has invested more than $250 million in exploration and project development activities, supporting more than 100 direct, consultant and contractor jobs within Minnesota.

• TMM is a joint venture company, 60 percent owned by Duluth Metals Ltd. and 40 percent by Antofagasta PLC.

• TMM received Finance and Commerce’s 2012 Progress Minnesota award, which recognizes companies that are driving business growth and development in Minnesota in unique and innovative ways.


http://www.virginiamn.com/mine/so-what-s-happening-with-mining-on-range/article_6666cb38-fca7-11e3-9d3a-0019bb2963f4.html

[tdbowieknife]

Minnesota For Mining...

http://minnesota4mining.wordpress.com/


..

[BleeckerStreet]

Surprise commodity winner could be ‘the new gold’
http://www.cnbc.com/id/101637496

Five cents says you can't name April's best-performing commodity.

Nickel soared 15.2 percent in April, making it the month's best performer in the S&P GSCI, the widely followed commodity index. In fact, with a 32 percent gain this year, nickel is outperforming every other one of the S&P GSCI's 24 components with the exception of coffee (which has perked up more than 80 percent this year).

Why is nickel, an industrial metal used in the production of stainless steel, shining so bright?

The rise can largely be pinned to Indonesia, which has issued a ban on nickel exports in attempt to foster Indonesian industry. This is no small matter, because according to the U.S. Geological Survey, Indonesia tied the Philippines for the highest nickel mine production in 2013, providing 18 percent of the world's supply.

"If you think about Indonesia as the biggest producer, having caught up to the Philippines, it's taking a lot of nickel off the market," said Jodie Gunzberg, global head of commodities at S&P Dow Jones Indices. "In a way, it's been a battle between the Indonesian export ban and Chinese ebbing demand. But slowing Chinese demand is losing this battle. ... Chinese consumption is still enormous."

More recently, there have been concerns about further embargoes on Russia, which is also a exporter of nickel. That's why George Gero of RBC Capital Markets doesn't see nickel sliding anytime soon.

"I think all metals have some Russian concerns, so tight markets may keep prices up, especially due to headline traders who quickly jump up and down," Gero told CNBC.com. "Nickel could see some profit-taking, but there are few willing sellers now."

Either way, the surge in nickel futures has clearly drawn attention to the often-overlooked metal.

"There is certainly more interest in nickel now," Gunzberg said. "When a commodity's price starts to increase, nothing starts to draw attention like that, because when a commodity's inventories are in a situation of either excess or shortage, it generally takes a while for the inventory situation to switch."

Gunzberg goes so far as to say that nickel "is almost like the new gold of 2014," because of the way prices are getting squeezed.

"When you look at gold and the bull run that gold had as it was getting taken off the market by central banks and ETFs," there's a parallel in nickel's sudden imbalance of supply and demand.

Another similarity Gunzberg notes is that while gold has long been used as collateral for loans, in China, industrial metals have started to be used as collateral.

Gero points out that not only is there more interest in nickel due to the price surge, but it had even lead some traders to take positions in other industrial metals, such as palladium.

At this point, regardless of whether late buyers will enjoy gains or are simply getting nickeled and dimed, Gunzberg cheers any growing awareness of industrial metals.

"Nickel really does play a major role in our everyday lives. From construction, to mobile phones, to metal equipment, to food preparation equipment, this is something that's used across the board," Gunzberg said. "It's something that's highly valued because of its corrosion resistance."

It's even used in the Stanley Cup, she points out. The traveling trophy is made largely of silver, but it's a bit of added nickel gives the hockey prize its requisite strength.

[tdbowieknife]

Bloomberg BusinessWeek article...

After the EPA nod, many believe it’s more a question of when—rather than whether—PolyMet will be allowed to begin digging. Says University of Minnesota geologist Miller: “I can’t imagine a scenario where we don’t mine this someday.”

http://www.businessweek.com/articles/2014-05-01/planned-minnesota-mine-pits-jobs-against-environment#p1


..

[Wifesmoney]

Thanks for the update td! Trying to get my ducks in a tow to buy this and poly

[tdbowieknife]

Twin Metals finalizes plans for huge underground mine in Minn.

"We think it will be close to the largest underground mine in the U.S," Twin Metals spokesman Bob McFarlin said of the project, which would resemble a vast underground city. "You've got roads, lights, plumbing, electricity, air circulation -- all those types of things that support an operation of 1,300 employees working underground in shifts, and moving a lot of material."

See more at...


http://www.prairiebizmag.com/event/article/id/18692/group/Energy%20and%20Mining/#sthash.VOhISLN1.dpuf


..

[tdbowieknife]

I do not know...

[Wifesmoney]

I need a good entry price point, how much lower could it go?

[tdbowieknife]

When Polyment gets thier permit and Duluth Metals announces that they are applying for a permit, it likely will.

[Wifesmoney]

This thing gonna pop soon??

[tdbowieknife]

Twin Metals copper-nickel mine plans firming up


The Associated Press


VIRGINIA, Minn. -- Twin Metals Minnesota says the copper, nickel, and precious metals mining projects that it is planning for the Ely area of northeastern Minnesota would keep the company in business for more than a century.

Bob McFarlin, vice president of public and governmental affairs for Twin Metals, told the Mesabi Daily News for a story published Sunday (http://bit.ly/1pEADhl ) that much planning remains ahead and it's still not clear when the company might start mining.

"No final decision has been made. These are preliminary for our first operation," McFarlin said.

The company has identified sites in the Ely and Babbitt areas as major components of its first operation. But McFarlin said the company also plans other projects in the mineral-rich Duluth Complex, which would keep the company in business on the Iron Range "well in excess of a century," he said.

Twin Metals is currently in the "pre-feasibility" phase of the project. A feasibility study, and an extensive environmental review and permitting processes will follow.

Another project is much farther along in the process. PolyMet Mining Corp. wants to build the state's first copper-nickel-precious metals mine near Babbitt and convert a former taconite processing plant near Hoyt Lakes. The public comment period closed earlier this month on the latest environmental review for PolyMet.

Both PolyMet and Twin Metals have drawn opposition from critics who say such mining poses new threats to the Minnesota environment because the nonferrous metals are locked in sulfide-bearing minerals that can leach acid and other pollutants when exposed to air and water.

Twin Metals' preliminary plan calls for starting with an underground mine 1,500 to 3,000 feet below the surface in what the company calls the Maturi Deposit near Birch Lake, rather than its nearby Spruce or Birch deposits, McFarlin said.

A site near the Ely airport, west of the deposit, is being considered for the mine access and other facilities, he said. Underground corridors would connect facilities to the mine to minimize surface impacts. The operation would draw water from a closed iron mine known as the Dunka Pit rather than tapping underground sources or Birch Lake. Half of the tailings would be reburied in the underground mine while the other half potentially would be stored in a surface facility south of Babbitt, which would put it in a watershed that eventually flows into Lake Superior rather than into the Boundary Waters Canoe Area Wilderness.

Twin Metals currently has 40 employees, split evenly between its Ely-Babbitt and St. Paul offices. The company has already put about $250 million into the project and could provide a total $2.5 billion capital investment, McFarlin said.

http://www.miamiherald.com/2014/03/30/4028942/twin-metals-copper-nickel-mine.html

[tdbowieknife]

This will look like a real bargain at .67 when Polyment gets approval...

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Looking forward for DULMF to start the permit application process now that the feasibly study is rapping up...

[tdbowieknife]

Bigger than Polyment and with Polymet paving the way with their permit Duluth Metals should have a much smother and fast pace. Not only that, this mine will be underground with less issues to deal with...

[tdbowieknife]

Finally some news...

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Minneapolis, Minn.
The parent company for the proposed Twin Metals copper-nickel mine near Ely expects to reach a key milestone in the coming months.

Duluth Metals Limited says its "pre-feasibility" study is progressing well and is scheduled for completion by mid-year. The study will form the basis for a detailed plan for the mine before government environmental reviews and the permit process begin.

The company also expects to complete an updated estimate this spring on the extent of the nonferrous metals deposits at its site, which it has already called one of the world's largest untapped reserves of copper, nickel and precious metals.

Twin Metals is expected to be larger than the proposed PolyMet mine near Babbitt, which would be Minnesota's first copper-nickel mining operation if it wins all the necessary approvals.


Read more: http://www.crookstontimes.com/article/20140108/NEWS/140109815/-1/entertainment%20life#ixzz2ppzidxnX

http://www.crookstontimes.com/article/20140108/NEWS/140109815/-1/entertainment%20life

[tdbowieknife]

Nolan, U.S. House vote for quicker mining permits
U.S. Rep. Rick Nolan joined with other mining supporters Wednesday when the U.S. House passed legislation to streamline federal environmental permitting for mining projects.
By: John Myers, Duluth News Tribune


U.S. Rep. Rick Nolan joined with other mining supporters Wednesday when the U.S. House passed legislation to streamline environmental permitting for mining projects on federal lands.

The Bill, HF 761, called the National Strategic and Critical Minerals Production Act of 2013, passed the Republican-controlled House by a 246 to 178 vote.

The bill declares most new mining projects as strategic for the nation, speeds up the federal agency review process and restricts efforts to file lawsuits to stop such projects. The bill essentially sets a 30-month limit for environmental review and a 60-day limit for any challenges.

Nolan, D-Crosby, was one of only 15 Democrats to vote in favor of the bill. He had said in recent weeks that he was undecided on the bill, and opponents of faster-paced mining projects in Minnesota bombarded Nolan with calls to vote no.

In the end, Nolan backed the bill that had been pushed for more than a year by western state Republicans. It appears to be a reversal of a statement Nolan made just over one year ago when he said he supported streamlined permitting but the Republican bill went too far to erode environmental protections.

Nolan’s office said the difference this year is a “deeper appreciation on Congressman Nolan’s part for how the delayed and broken permitting process is holding back projects” on Minnesota’s Iron Range.

“Even though this is not the bill I would have written, I voted yes on H.R. 761 because we need to streamline and standardize a broken mining permitting process that is delaying projects with the potential for thousands of good paying jobs and billions of dollars in economic development,” Nolan said in a written statement. “I will continue to do everything within my power to advance good paying mining jobs and work for strong environmental protections in all the laws and policies that affect the mining industry.”

Nolan said he supported several Democratic amendments that would have strengthened environmental protections in the bill, including efforts to define which minerals are considered “strategic and critical.” The amendments were all defeated.

It’s not clear if or when the Democratic-controlled Senate might act on the bill, but even supporters say its chances there are slimmer. Nolan spokesman Steve Johnson said it’s worthwhile to raise the permitting issue even if the bill doesn’t get a hearing in the Senate.

Several groups on Wednesday expressed disappointment that Nolan would vote for the bill that they say would push projects like the PolyMet and Twin Metals copper mines proposed for Northeastern Minnesota through the regulatory process too fast, before all concerns can be vetted.

It was only because of current federal regulations, bill opponents say, that the original PolyMet mining plan was sent back for substantial revisions.

HR 761 is “an extreme bill. It would exempt mining projects from protective environmental laws including the National Environmental Policy Act and the Endangered Species Act. It would bypass public and community review and input for proposed mines,” the group Friends of the Boundary Waters Wilderness said in a statement Wednesday. “In short, it would cut the public out of the process and roll back federal environmental law to the 1960s.”

According to the non-partisan Library of Congress summary of the bill, HR 761 would classify any U.S. mining project that will provide strategic and critical minerals as a federal “infrastructure project” with expedited timeliness for review.

The proposed mining project automatically would be exempted from being considered a “major action” under federal law, meaning it could be exempt from requirements of the National Environmental Policy Act.

The bill also requires the lead federal agency involved to begin implementing the act with respect to such application within 30 days of receiving such a request. And the legislation also reduces the amount of time, and limits the circumstances, under which anyone can file suit in federal court to stop a strategic mining project.

The White House issued a statement Wednesday saying HR 761 would “undermine and remove” key environmental rules.

But supporters of the legislation say the changes are long overdue and will help reduce repetition and unnecessary delays in the process of obtaining environmental review and permits.

Frank Ongaro, executive director of the Mining Minnesota industry group, said the legislation may not substantially impact projects already in the environmental review process. But he said it could make a big difference in attracting interest and investors in other projects down the line.

“Anything that will help streamline and improve the federal environmental review process is a positive thing,” Ongaro told the News Tribune. “If we are ever going to develop domestic sources of strategic metals, including here in Minnesota, we need to have more timeliness and certainty in the process … certainty that there’s a specific deadline for decisions to be made. We’re very thankful for Rep. Nolan’s support. It sends a positive message for mining in Minnesota.”

http://www.duluthnewstribune.com/event/article/id/278291/