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PolyMet Reports a Year of Significant Progress at Shareholders' Meeting
PolyMet Mining Corp.
3 hours ago
ST. PAUL, MINNESOTA--(Marketwired - Jul 9, 2014) - PolyMet Mining Corp. ("PolyMet" or the "Company") (POM.TO)(NYSE MKT:PLM) - is pleased to report 63.82 % of the eligible shares were represented at its Annual General and Special Meeting of Shareholders (the "Meeting") held on July 9, 2014 in Vancouver, British Columbia and all motions put at the meeting were passed.
Chairman Ian Forrest thanked shareholders for their continued support. Key milestones in the past year include publication of the supplemental draft Environmental Impact Statement, completion of a lengthy public review of the draft EIS and a strong rating by the U.S. Environmental Protection Agency.
Jon Cherry, President and CEO told shareholders the project has made significant progress during the past year. "The environmental review process is nearing completion, with permitting set to follow shortly after the Record of Decision on the final EIS," he said.
The number of directors of the Company was set at eight. Frank Sims did not stand for re-election and was replaced by Matthew Daley. All other directors were re-elected. A table of election results is set out below.
"We are grateful for the committed guidance Mr. Sims provided the board for the last several years," Forrest said. "He has seen us through some difficult challenges and tremendous progress.
"The addition of Mr. Daley to the board brings strong technical, construction and operational experience that will be important as we implement the NorthMet Project," Forrest continued.
Daley, a professional mining engineer, started his career with Mount Isa Mines in Australia, then held increasingly senior management positions with Xstrata plc in Australia, Asia and South America before moving to Canada with Glencore plc.
PricewaterhouseCoopers LLP was re-appointed as auditors of the Company and the board is authorized to fix the remuneration to be paid to the auditors.
The following persons were elected as Directors of the Company to hold office until the next annual general meeting:
Director Votes For % For Votes Against % Against
Jonathan Cherry 105,179,148 98.13 0 0
Matthew Daley 105,204,923 98.16 0 0
Dr. David Dreisinger 106,513,777 99.38 0 0
W. Ian L. Forrest 105,172,656 98.13 0 0
Alan R. Hodnik 102,954,937 96.06 0 0
William Murray 105,209,048 98.16 0 0
Stephen Rowland 105,195,662 98.15 0 0
Michael M. Sill 105,192,159 98.15 0 0
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a publicly-traded mine development company that owns 100 percent of Poly Met Mining, Inc., a Minnesota corporation that controls 100 percent of the NorthMet copper-nickel-precious metals ore body through a long-term lease and owns 100 percent of the Erie Plant, a large processing facility located approximately six miles from the ore body in the established mining district of the Mesabi Range in northeastern Minnesota. Poly Met Mining, Inc. has completed its Definitive Feasibility Study and is seeking environmental and operating permits to enable it to commence production. The NorthMet project is expected to require approximately two million hours of construction labor, creating approximately 360 long-term jobs, a level of activity that will have a significant multiplier effect in the local economy.
POLYMET MINING CORP.
Jon Cherry, CEO
This news release contains certain forward-looking statements concerning anticipated developments in PolyMet's operations in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "possible," "projects," "plans," and similar expressions, or statements that events, conditions or results "will," "may," "could," or "should" occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.
PolyMet's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations and opinions should change.
Specific reference is made to PolyMet's most recent Annual Report on Form 20-F for the fiscal year ended January 31, 2014 and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission, including our Report on Form 6-K providing information with respect to our operations for the three months ended April 30, 2014 for a discussion of some of the risk factors and other considerations underlying forward-looking statements.
Pebble mine
It isn't any wonder that a lawsuit is being filed against the EPA by Pebble mine developers.
The Pebble Limited Partnership believes the U.S. Environmental Protection Agency exceeded its authority when it applied a rarely used process under the Clean Water Act in an effort toward concluding that large-scale mining in the Bristol Bay watershed posed risks to salmon. It appears that the EPA is intent on stopping the mine before the partnership's plans are finalized or it is allowed to attempt to acquire permits.
The EPA rationalized that it took the rare step because the salmon fishing is so extraordinary.
But the EPA is addressing a project on state — not federal — land, and as such it is illegal for the EPA to interfere in state land development, according to Pebble officials.
Pebble Partnership CEO Tom Collier points out that if the EPA stops the project before a development plan is even evaluated in the permitting process it sets a precedent for other state projects, as well as projects nationwide.
It essentially begins to pave a way for the EPA to extend its power beyond what it traditionally has had.
It's basically federal overreach. Not only Pebble, but all Alaska business and Alaskans should be opposed to the EPA's action. If EPA would take this course with mining, it would do the same when it comes to other industries, affecting Alaska and its economy.
Iron Range: EPA reverses, rejects variance for Mesabi Nugget plant
Associated Press
POSTED: 07/03/2014 12:01:00 AM CDT
UPDATED: 07/03/2014 08:13:58 PM CDT
The federal Environmental Protection Agency has reversed itself and rejected a variance that let the Mesabi Nugget iron processing plant near Hoyt Lakes violate Minnesota water quality standards.
Environmental groups and Chippewa bands filed a lawsuit last year challenging the EPA's 2012 decision to grant the variance, saying it improperly allowed the plant to exceed state standards for discharges of bicarbonates, conductivity, hardness and total dissolved solids. They said the discharges threaten wild rice and other aquatic organisms downstream.
In papers filed in federal court on Wednesday, the EPA said its regional director, Susan Hedman, signed a letter disapproving the variance. One document said the state did not fully justify the nine-year period of the variance and did not provide sufficient evidence that Mesabi Nugget can't comply sooner than 2021. While the EPA had agreed in March to reverse the variance, the filings made it official.
Paula Maccabee, an attorney for the environmental group WaterLegacy, said Thursday that the significance of the EPA's decision is that if a company or the state says it's not feasible to comply with water quality standards, "they can't just say it, they have to provide the evidence."
Hedman's letter said that if Mesabi Nugget and the Minnesota Pollution Control Agency choose to pursue a variance that's revised to comply with federal requirements, it needs to provide sufficient notice and a chance for the public to comment before resubmitting it to the EPA.
Mesabi Nugget has said it faces immediate and substantial harm if it loses its variance.
Insider trading
All Insiders Activity for Polymet Mining (PLM)
$ 1.09 RTB 0.01 (+0.93%) Volume: 72.68k 3:59 PM EDT Jul 1, 2014
Insider: Transaction:
Date Insider: Shares Transaction Value
06/24/14 Sims, Frank Lester,
Director of Issuer 9,317 Acquisition or disposition in the public market at $1.10 - $1.10 per share. $10,249
06/24/14 Sims, Frank Lester,
Director of Issuer 1,000 Acquisition or disposition in the public market at $1.08 - $1.08 per share. $1,080
06/23/14 Sims, Frank Lester,
Director of Issuer 15,683 Acquisition or disposition in the public market at $1.10 - $1.10 per share. $17,251
06/23/14 Sims, Frank Lester,
Director of Issuer 16,494 Acquisition or disposition in the public market at $1.13 - $1.13 per share. $18,638
06/17/14 Sims, Frank Lester,
Director of Issuer 1,600 Acquisition or disposition in the public market at $1.06 - $1.06 per share. $1,696
06/17/14 Sims, Frank Lester,
Director of Issuer 8,204 Acquisition or disposition in the public market at $1.05 - $1.05 per share. $8,614
06/16/14 Sims, Frank Lester,
Director of Issuer 23,700 Acquisition or disposition in the public market at $1.05 - $1.05 per share. $24,885
06/16/14 Sims, Frank Lester,
Director of Issuer 10,000 Acquisition or disposition in the public market at $1.05 - $1.05 per share. $10,500
05/05/14 Moore, Bradley,
Senior Officer of Issuer -3,800 Acquisition or disposition in the public market at $1.25 - $1.25 per share. -$4,750
05/05/14 Moore, Bradley,
Senior Officer of Issuer -8,700 Acquisition or disposition in the public market at $1.24 - $1.24 per share. -$10,788
04/30/14 Sims, Frank Lester,
Director of Issuer 20,000 Acquisition or disposition in the public market at $1.25 - $1.25 per share. $25,000
04/30/14 Sims, Frank Lester,
Director of Issuer 5,000 Acquisition or disposition in the public market at $1.249 - $1.249 per share. $6,245
04/25/14 Glencore Xstrata plc,
10% Security Holder of Issuer 1,093,119 Other N/A
02/11/14 Murray, William,
Director of Issuer -4,400 Acquisition or disposition in the public market at $1.21 - $1.21 per share. -$5,324
02/11/14 Murray, William,
Director of Issuer -1,400 Acquisition or disposition in the public market at $1.22 - $1.22 per share. -$1,708
So, what's happening with mining on Range? - Mine - Hibbing Daily Tribune
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So, what's happening with mining on Range?
Posted 3 hours ago
There’s a lot of activity going on at all Iron Range taconite plants, the innovative Magnetation business that is producing concentrate from iron ore waste going back 100 years and at companies currently in development for copper/nickel/precious metals ventures.
Here we take a snapshot look in a roundup of mining on the Iron Range. This feature will be a regular page of all future MINE editions.
o
ESSAR STEEL MINNESOTA:
The past year for Essar Steel Minnesota has been a slow moving machine as the company works toward the development of a new facility outside of Nashwalk. In July, 2013, the Hibbing Daily Tribune featured an article on the benefits of the location on the west end of the Iron Range, including what advantages such a project would have for the mining industry in northern Minnesota. At the time, the facility was slated to be open by June 2014.
A couple weeks later, it was announced that the Essar Steel plant opening would be delayed, though it would still be operational in the second half of 2014, and that pellets would be out for distribution by early 2015.
In May 2014, Essar closed on $450 million in bond sales for the Nashwalk plant, and is still currently processing the bond paperwork and ensuring the conditions of the bonds are met. A timeline for operations won’t be made public until the bond sales are fully processed.
o
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.
o
POLYMET:
Q. Thoughts on the SDEIS process still in comment review; total number of comments and when they are expected to be finished?
A. The Department of Natural Resources and co-lead agencies are sorting through the approximately 55,000 comments they received during the 90-day public comment period and is beginning to address them. While they have not yet provided a timeline for completion of the EIS, PolyMet anticipates the document will be finalized by the end of this year. According to PolyMet: “We expect the DNR to provide a schedule for finalization of the EIS sometime this summer. The good news is that there does not appear to be any surprises or new information in the comments that would require additional work on our part that would lead to delays. We’re doing everything we can to support the process and keep it moving forward.”
Q. What is PolyMet doing as far as getting prepared for going operational?
A. In addition to supporting the finalization of the EIS, PolyMet Mining is talking with financial institutions in preparation for obtaining the capital that will be needed to build the mine and processing facilities. “We’re also conducting pre-engineering work so we’re ready to start building as soon as we have permits in hand. The plans for how we’re going to manage that capital, order and schedule materials, hire and manage contractors and attend to all the details that are associated with building a project of this size and complexity are all in the works right now.”
Q. Update on timelines and whether they’ve changed.
A. “It’s difficult to provide a timeline because we do not control the schedule for when the environmental review will be completed,” according to PolyMet. “But we believe the environmental review will be completed by the end of this year and permitting finished by mid-year 2015. We would then begin construction, which is expected to be about 15 months. We continue to make good and steady progress.”
Q. Total investment at this point and how much for environmental review.
A. As of April 30, 2014 PolyMet had spent a total of $67 million on costs associated with environmental review and permitting out of a total of $205 million since 2006.
Q. Any additional comments regarding employees and hiring.
A. “We are humbled by the numerous applications and resumés we’ve received from men and women who want to work at PolyMet. We’re doing everything we can to get to a point where we can start hiring them, unfortunately, that’s still many months off as we work through finalization of the EIS and then permitting. We are keeping all the applications on file and look forward to the day when we can start putting people to work.”
Q. General comments.
A. “This continues to be a great project that will bring economic benefit to the region by producing essential metal we all use every day all while meeting Minnesota’s strict environmental standards. We are very grateful for all the support we have received as we work our way through the environmental review and permitting process.”
o
CLIFFS NATURAL RESOURCES:
The company does not provide specific production numbers on its plants on the Iron Range.
However, spokeswoman Jennifer Huetter said Northshore Mining, United Taconite and Hibbing Taconite are all on schedule for the year.
Northshore received the Cliffs President’s Safety Award for its 2013 performance. “Safety is the number one core value at Cliffs, so to receive recognition for safety performance is reflective of the commitment put forth by Northshore employees,” Huetter said in an email.
Julie Lucas, environmental manager at Hibbing Taconite, received SME’s Minerals Education Coalition Leadership Award.
Julie Varichak, senior mine engineer for Cliffs North American Iron Ore, received the Hibbing Area Chamber of Commerce’s Range Young Professional Award.
And Cliffs Natural Resources was awarded the Pro Patria Award from the Employer Support of the Guard and Reserve.
o
MESABI NUGGET:
• Steel Dynamics Inc., is the majority owner (81 percent) of Mesabi Nugget.
• First product produced in January of 2010.
• Employs new technology and is the only facility in the world that manufactures iron nuggets.
• Uses Mining Resources concentrate to produce high purity, metallic iron nuggets that are perfectly suited for use in an Electric Arc Furnace (EAF) — ushering in a “New Age of Iron for Minnesota’s Iron Range.”
• Reclaiming previously abandoned natural ore tailings to produce concentrate for use in a value-added iron product that services the growing part of the steel industry — the Electric Arc Furnace segment of the industry.
• The EAF segment for the steel industry comprises nearly two-thirds of the U.S. steel industry. Mesabi Nugget is the only Iron Range company that can supply that steel-making segment.
• Plant availability and production rates continue to improve — 2010: 75,000 metric tons; 2011: 156,000 metric tons ; 2012: 178,000 metric tons; 2013: 214,000 metric tons.
• Current focus is to improve the overall cost structure by reducing raw material consumption rates and improving product yield.
• Recently completed a maintenance outage to make further investments in the facility and to allow for further cost-reduction activities.
• More than 130 current full-time employees.
• This past March, Mesabi Nugget received a Certificate of Commendation from the Minnesota Pollution Control Agency for the performance of the wastewater treatment facility recognizing its efforts to help protect and preserve the waters of Minnesota.
• Employees at Mesabi Nugget and Mining Resources and their parent company, Steel Dynamics, have been significant contributors to the United Way of Northeastern Minnesota. Employees contributed more than $62,000 in 2013; the companies matched their generosity, resulting in a total contribution just shy of $125,000.
• Strong donations/contributor to the United Way’s Arctic Splash event last March. Mesabi Nugget and Mining Resources were the top two donation contributors.
• Mesabi Nugget is hiring, currently seeking entry level operators, electricians, mechanical engineers, and warehouse clerks. Visit www.mesabinuggetmn.com to submit a resumé.
o
KEETAC:
Production at Keewatin Taconite is progressing as would be expected at this time of year, according to Courtney A. Boone, manager of media relations for United States Steel Corporation.
Specific numbers of how far into this year’s production aren’t available, as U.S. Steel only provides annual numbers.
There are currently no new projects underway at Keetac nor has U.S. Steel announced any new projects, said Boone.
While Keetac has earned safety awards in past years, the facility and its employees have not received any this year, she said.
Keetac was awarded the Sentinels of Safety Award in 2013 by the National Mining Association (NMA) for achieving outstanding safety performance.
It was also recognized in the large open pit category for its 2012 safety record and received an internal award, the Chief Executive Officer’s Safety Award, in 2013 in recognition of its safety record.
o
MAGNETATION:
During the last year, both major and minor strides have been made by Magnetation as the company progresses in taconite reprocessing on the Iron Range.
Using magnetic separation technology, Magnetation has created a new business that captures the iron ore particles from the waste of previous mining operations.
In September 2013, a partnership was formed with the Itasca Gun Club so that Magnetation could begin work on Plant 4 in Coleraine. The gun club received a $10,000 donation from Magnetation President Matt Lehtinen to assist in its relocation.
Besides displacing the Itasca Gun Club, the location of Plant 4 is also over a small portion of the Mesabi Trail. At its own expense, the mining company is having the trail rerouted to keep it usable.
In a letter to the editor that ran in the Grand Rapids Herald-Review on Sunday, Dec. 29, 2013, representatives of Get Fit Itasca commended Magnetation for its effort to maintain the Mesabi Trail to preserve recreation in the area.
The building of Plant 4, for which ground was broken in May, will employ as many as 500 workers during peak construction season during the summer. Overlooking the Canisteo Pit, the plant, otherwise known as Mag 4, will take advantage of the leftover ore from nearly two dozen mines that were in operation at the pit.
Reynolds Ind., will be the location of Magnetation’s iron ore pellet plant. Grand Rapids-based Northern Industrial Erectors (NIE) was awarded the job of erecting the steel for the new plant, whose site was chosen based on regulation expediency and proximity to AK Steel blast furnaces in Ohio and Kentucky.
And in community connection news, President Matt Lehtinen won the 2014 Dancing With Our Stars dance competition at the Reif Center in Grand Rapids with Reif Dance Co. member Katja Piscitelli.
Here is an interesting video on Polymet 45.10 minutes in to the video fast forward it, this video will answer many of your questions.
http://video.tpt.org/video/2365261634/
PLM currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
No offense taken. We both have our own ways of investing, and I have no problem of you showing me the way you make good investments. Thanks for your response.
Battle for 8th District Seat Heats Up in Duluth
8th District Race Heating Up in Duluth
[2:03]Jun. 06, 2014. 06:00 PM CDTWDIO-TV ABC Duluth, MN
02:03
Updated: 06/07/2014 8:43 AM
Created: 06/06/2014 4:35 PM WDIO.com
By: Travis Dill
tdill@wdio.com
Duluth has become a political battleground this week for the 8th district congressional seat. Congressman Rick Nolan kicked off his re-election campaign in Duluth on Friday, and his competition is already hot on his trail.
A crowd of supporters rallied for Democrat Rick Nolan's campaign kickoff event at Leif Erickson Park Friday afternoon. Nolan started off the campaign with a shot the Republican contender Stewart Mills.
“He is, no mistake about it, a one percenter who is there to represent the 1 percent not the 99 percent,” Nolan said.
Mills is the vice president of Mills Fleet Farm Corporation, and he made a stop campaign stop in Duluth on Monday. He called out Nolan on unemployment in the 8th district.
“We have an 8 percent unemployment rate currently. Contrast that with a 4.5 percent unemployment rate statewide. We know we can do better,” Mills said.
However, Nolan touted law he's passed to create jobs in Duluth.
“One of them was of course the Cirrus small plan manufacturing legislation. It helped create a lot of good paying jobs and expanded an important, vital industry here in our region,” Nolan said.
Mills supports copper-nickel mining in the Northland, but said Democrats don't.
“The modern day DFL is at war with our way of life up here in our part of Minnesota. We understand, as Republicans, the need for responsible mining and timber industries, but also how to strengthen our main street economies,” Mills said.
Nolan said he supports projects like Polymet, and that project is environmentally sound.
“It offers a great hope for some really good-paying jobs over a couple hundred years on into the future. Good stuff; I'm fully supportive of it,” Nolan said.
However, the Green Party Challenger, Ray “Skip” Sandman, said no copper-nickel mining is safe.
“I'm not willing to gamble with the future generations' life and drinking water for a few hundred jobs so I definitely stand against that,” Sandman said.
He said solar and wind power industries can create alternative jobs at his campaign announcement on Friday.
The campaign and battle for the 8th congressional district will be fought over jobs, and the candidates have 5 months to win votes and get a paycheck of their own.
The Independence Party candidate for congress dropped out after the filing deadline so the secretary of state has extended the filing deadline for Independence Party candidates until June 10.
http://www.wdio.com/article/stories/s3465973.shtml?cat=10335
DFL fight erupts over state auditor position
ST. PAUL — When State Auditor Rebecca Otto voted against drilling holes in the ground to bring up copper/nickel/precious metals core samples last Oct. 25, she ended up igniting a DFL Party implosion that is reverberating far outside her own re-election contest.
It has now rippled like a mining blast across the Range and into the U.S. 8th District congressional race, and could likely even touch on the gubernatorial and U.S. Senate battles.
The DFL intra-party problem now all revolves around the person holding a state office that usually exists mostly in a state of obscurity. But not this election year.
Here’s a snapshot look at how the DFL controversy has evolved:
• Otto, as a member of the Executive Council, was the lone no vote at the October meeting on awarding mineral leases for mining exploration — in other words she voted against drilling, not even mining.
• That led to a major push back from the traditionally DFL-heavy Iron Range, where a “Dump Otto” movement began. Many DFLers on the Range have said they will no longer be taken for granted if candidates do not back all mining, and the jobs projects such as PolyMet’s nonferrous venture will create.
• But the state auditor not only stood by her vote, she used it to raise funds for her re-election from anti-mining elements, especially in the Twin Cities.
• Last weekend the DFL Party met in Duluth to endorse candidates, including Auditor Otto. And all the endorsed candidates — from U.S. Sen. Al Franken to 8th District U.S. Rep. Rick Nolan to Gov. Mark Dayton to all constitutional officers — endorsed the party’s slate of candidates.
• Just moments before filings for elective office closed on Tuesday, former DFL House Minority Leader Matt Entenza filed for auditor, creating a primary contest. The happy picture of party unity heading into the Nov. 4 election now has a flaw — a pretty big one.
o
A “Dump Otto” supporter tweeted out the following message Wednesday afternoon in response to a report that Nolan’s campaign manager said the congressman is backing Otto in the campaign: “Interesting that an 8th CD (Congressional District) is supporting an anti-mining candidate.”
Nolan responded in a telephone interview with the Mesabi Daily News late Wednesday afternoon.
“I endorsed the endorsement team and that includes Rebecca Otto, but with reservations because of her mining vote on mineral leases. She assured me she’s not anti-mining, but she’s going to have to prove that to me. I’m going to hold her feet to the fire,” Nolan said.
The governor also backed Otto, but with a caveat of disagreement on some issues. “Before the DFL State Convention, and before I was aware of Matt Entenza’s plans to run for state auditor in the primary election, I told Rebecca Otto that I would support her in her campaign for re-election. Today, I stand by my promise to support her. Although Auditor Otto and I disagree on some issues, she has been a good state auditor, and she deserves re-election,” Dayton said in a news release on Wednesday.
State Senate Majority Leader Tom Bakk of Cook said he understands the frustration with the state auditor on the Range.
“A lot of Democrats are upset with her position on jobs on the Iron Range,” Bakk said.
The elected leader of the state Senate said Otto called her shortly after strong reaction against her mineral leases vote erupted on the Range.
“‘There’s ‘Dump Otto’ signs showing up on the Range,’ she said. I said, ‘What did you think was going to happen?’” Bakk said in a telephone interview on Wednesday.
Bakk told her she would “probably be fine” unless she received a primary challenge. She now has that.
“I’m just going to sit down and think on this. I won’t immediately get on board, either way,” said Bakk, referring to both Otto and Entenza.
Bakk has had a “20-year friendship” with Entenza as both of them were elected to the House in 1994. And Entenza asked him to be his running mate in 2010 during his failed campaign for the DFL gubernatorial endorsement. But Bakk said he also has some concerns about Entenza’s candidacy.
DFL state Rep. David Dill of Crane Lake was much less diplomatic.
“I don’t support candidates who don’t support economic development in northeastern Minnesota. And I especially don’t support them when they placate people to raise money. That’s an unholy alliance,” Dill said of Otto’s vote on the leases and following effort to raise campaign funds off of it. Then he really took off the gloves. “Much of fundraising today is done electronically. To do that candidates need the minerals that will be produced in copper/nickel mining. Perhaps they should communicate by using a string with two cans like we did in grade schools.”
Dill said Otto’s vote was a shot at mining today, yesterday and tomorrow.
“We are doing nothing wrong. We’re following the rules. She voted against something that has been going on in the state for more than 100 years. She voted against the birth of mining. You don’t mine until you drill.”
Dill said he will suggest to the Iron Range legislative delegation chairman, Rep. Tom Anzelc of Balsam Township, that the issue be discussed as a group.
He also encouraged constituents to contact him. “I want to hear what they have to say on this. I know in my heart that the desire of the people of northeastern Minnesota is to find and secure good-paying jobs.”
You only follow the stocks. I follow more then the stocks. There is more to investing then the CEO, news releases, and financials of a stock. Politics need to be researched. World markets play a big roll in the profits of a stock. And much more. The information I posted covers some important areas you should keep you're eyes on to follow the stock of interest.
By Maria Kolesnikova May 27, 2014 12:44 AM CT 1 Comment Email Print
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Gold May Drop, Nickel, Copper Favored: UBS's Price
Mining companies aren’t the only ones benefiting from this year’s nickel rally. Stainless-steel makers in Europe, who use the metal, are seeing a surge in sales as customers stock up to avoid higher raw-material surcharges.
Finland’s Outokumpu OYJ (OUT1V) reported a 9.1 percent jump in stainless-steel deliveries from the fourth quarter, orders at Madrid-based Acerinox SA are “the highest in at least three years,” and Germany’s ThyssenKrupp AG, says customers are adding to inventories. The sales jolt is reviving prospects for in an industry mired in losses since the financial crisis.
While nickel accounts for half the cost of stainless steel, mills impose surcharges to cover any increase in the expense. Nickel surged 41 percent this year after Indonesia, the largest supplier to China, banned ore exports to spur investment in domestic smelters. The supply halt is boosting profit for mining companies including Glencore Plc and may help create what Credit Suisse Group AG called a “supercycle” in prices.
“The biggest winners are nickel producers, and the second-biggest are the producers of stainless steel,” said Markus Moll, the founder of Reutte, Austria-based Steel & Metals Market Research GmbH who has studied the industry for three decades. “Usually such a surge in nickel prices triggers a strong speculative buying wave. The biggest loser is the end user, who has to pay higher price for stainless.”
Nickel makes up 8 percent to 9 percent of series 300 stainless steel that accounts about two thirds of global output. Steelmakers impose a so-called alloy surcharge usually linked to the London Metal Exchange price with a one-month lag.
Price Gain
The cost of nickel reached a two-year high of $21,625 a metric ton on May 13. Macquarie Group Ltd. said May 22 that prices will rise even further as the Indonesia ban creates a global production deficit until 2019. The metal was at $19,600 a ton on the LME at 1:41 p.m. in Singapore today.
Buyers of stainless steel will step up purchases to avoid higher surcharges, which will be reflected in rising orders for the world’s mills over the next few months, Moll said. Speculative purchases including those for stockpiles may drive up European demand by 10 percent this year, compared with growth in actual use of as much as 4 percent, he said.
“Nickel prices went up quite significantly, and it seems the whole industry overall is recovering there a bit, which was definitely needed,” ThyssenKrupp Chief Financial Officer Guido Kerkhoff said on a conference call May 13. The price gain helped the company’s AST stainless-steel unit, he said.
Profit Gain
Espoo, Finland-based Outokumpu expects nickel rally will keep helping to boost deliveries in the second quarter after sales jumped to 676,000 tons in the first quarter from the fourth, the company said April 29. The company expects nickel to rise and “similar or somewhat higher” deliveries in the second quarter. Analysts expect Outokumpu to earn 45 million euros ($62 million) in 2015, according to 14 estimates compiled by Bloomberg, the first profit since 2007.
Aperam SA (APAM), a Luxembourg-based steelmaker with capacity of 2.5 million tons in Europe and Brazil, said May 7 that higher prices and restocking by customers helped boost first-quarter earnings before interest, taxes, depreciation and amortization. The company will be profitable this year for the first time since 2010, a survey of eight analysts by Bloomberg showed.
China, the biggest metals user, may become a net importer of stainless steel this year because of disruptions to nickel-ore supply from Indonesia, Credit Suisse said in a May 8 report. China, which accounts for 53 percent of global stainless-steel output, had a cost advantage by developing technology to use lower-cost nickel pig iron, which contributed to a three-year slump in LME price of refined nickel.
More Smelters
Steelmakers in China have lost their advantage because the cost of NPI is now close to refined nickel on the LME and scrap nickel for recycling in Europe and the U.S., Macquarie said. Chinese stainless-steel output will grow 9.1 percent this year, after a 21 percent increase in 2013, with more low-nickel content alloys produced, the bank estimates.
The nickel-fueled gains may not last as China may build smelters in Indonesia to get around the ban. Construction takes about 12 months, so a “de-bottlenecking” of supply will occur in mid-2015, sending prices to $16,000, Goldman Sachs Group Inc. said in a May 14 report. Nine nickel-processing plants may be completed this year in Indonesia, with as many as 40 more by 2017, according to the Energy and Mineral Resources Ministry.
Rising scrap-nickel prices also erode profitability for European mills. Scrap’s discount to LME prices may narrow to about 15 percent from 22 percent by July, SMR’s Moll said. In Asia, scrap is about 10 percent below LME nickel as mills in China use more, Citigroup Inc. said in a May 7 report.
Biggest Losers
The demand surge also may fall short of expectations. So far, the industry is “surprisingly reluctant” to restock, Skanderborg, Denmark-based stainless-steel wholesaler Damstahl A/S said in a report this month.
Macquarie said it expects the nickel rally to last for the next few years, with the prices reaching $26,001 in 2015 and $38,000 in 2019. The metal settled on May 23 at $19,600 a ton.
Deutsche Bank AG, which raised its price forecasts this month, said the gains would help bolster profit for Baar, Switzerland-based Glencore (GLEN), which gets more than half its income from coal and copper.
The biggest losers in the nickel rally will be end-users, including building contractors, equipment makers and metal distributors, Jason Martineau, national sales manager at Penn Stainless Steel Products Inc. in Quakertown, Pennsylvania, said in a telephone interview May 15.
“Profit margins in construction are quite small, so the industry is particular vulnerable to material price increases,” said Anirban Basu, chief economist Associated Builders & Contractors Inc., a Washington-based industry group. “Often, the risk of material prices falls upon the contractor, as opposed to the developer.”
To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net
To contact the editors responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net Steve Stroth
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Duluth Metals Highlights 70 feet of 0.83% Copper, 0.28% Nickel and 0.876 grams TPM at Maturi Southwest in the Twin Metals Min...
Drill results of an additional 23 holes (MSW-0021 to MSW-0044) for a total of 43 holes in the Maturi Southwest Exploration Target Area southwest of the Maturi deposit on the Twin Metals Minnesota Project (following Duluth Metals press release dated April 16, 2013 on holes MSW-0001 to MSW-0020)
TMM initiated this drilling program to evaluate the area for potential additional resources that may be used to enhance early production rates.
The AMEC 2012 Technical Report1 outlined four Exploration Targets areas surrounding and adjacent to the Maturi and Birch Lake deposits. These four Exploration Target areas occur on approximately 12% of the footprint of the prospective South Kawishiwi Intrusion (SKI) on the Twin Metals Minnesota property block. The SKI hosts all the mineral resources on the Twin Metals Project prepared in compliance with the requirements of NI 43-101.
TORONTO, May 22, 2013 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for the next 23 holes, MSW-0021 to MSW-0044, in the northern portion of the Maturi Southwest Exploration Target area within the Twin Metals Minnesota Project ("TMM") in northeastern Minnesota. Assay results from the relatively shallow drilling highlight thick mineralized intersections which include:
MSW-0025 returned a 183.5 foot intersection of 0.62% copper, 0.22% nickel, 2.3 g/t silver and 0.644 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.3% Cu cut-off including a 70 foot intersection of 0.83% copper, 0.28% nickel, 3.0 g/t silver and 0.876 grams TPM at a 0.5% Cu cut-off;
MSW-0031 returned a 275.5 foot intersection of 0.57% copper, 0.19% nickel, 2.0 g/t silver and 0.338 grams TPM at a 0.3% Cu cut-off including a 50.5 foot intersection of 0.82% copper, 0.25% nickel, 3.0 g/t silver and 0.490 grams TPM at a 0.5% Cu cut-off; and
"The completion of this drilling program will allow TMM to evaluate the area for potential additional resources that may enhance early production rates. The results of the drilling have been excellent and these latest holes continue to confirm the presence of mineralization at shallow depths between the Maturi Deposit and the Birch Lake Deposit." stated Vern Baker, President of Duluth Metals. "Currently different mining and production scenarios are being evaluated by TMM within the pre-feasibility study."
1 Full independent NI 43-101 Technical Report completed by AMEC E&C Services Inc. (AMEC) by a team led by Dr. Harry Parker entitled "Maturi, Birch Lake, and Spruce Road Cu-Ni-PGE Projects, Ely, Minnesota, USA, NI 43-101 Technical Report" with an effective date of 15 September 2012 is filed on SEDAR (www.sedar.com).
Figure 1 is a map illustrating the location of 23 drill holes reported in this press release which can be found on the Company website under this press release at www.duluthmetals.com.
A more detailed summary of the assay results for MSW-0021 to MSW-0044 can be found in Tables 1 and 2 below. True thickness is estimated at about 90% of core length:
Table 1: Maturi Southwest Results Summary
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MSW-0021 @0.3% Cu cut-off 681 756 75 0.35 0.14 0.179
MSW-0022 @0.3% Cu cut-off 406 674 268 0.53 0.18 0.349
including @0.5% Cu cut-off 406 524 118 0.70 0.23 0.529
MSW-0023 @0.3% Cu cut-off 18 114 96 0.42 0.13 0.179
MSW-0024 @0.3% Cu cut-off 781 977 196 0.57 0.19 0.390
including @0.5% Cu cut-off 781 837 56 0.70 0.25 0.488
MSW-0025 @0.3% Cu cut-off 8.5 192 183.5 0.62 0.22 0.644
including @0.5% Cu cut-off 22 92 70 0.83 0.28 0.876
MSW-0026 @0.3% Cu cut-off 798 873 75 0.39 0.12 0.273
including @0.3% Cu cut-off 963 998 35 0.66 0.20 0.435
MSW-0027 @0.3% Cu cut-off 728 806 78 0.37 0.14 0.320
MSW-0028 @0.3% Cu cut-off 195 353 158 0.42 0.16 0.308
including @0.3% Cu cut-off 378 423 45 0.43 0.15 0.242
MSW-0029 @0.3% Cu cut-off 288 538 250 0.47 0.14 0.252
including @0.5% Cu cut-off 293 353 60 0.59 0.19 0.436
MSW-0031 @0.3% Cu cut-off 831.5 1107 275.5 0.57 0.19 0.338
including @0.5% Cu cut-off 831.5 882 50.5 0.82 0.25 0.490
MSW-0032 @0.3% Cu cut-off 376 537 161 0.58 0.20 0.445
including @0.5% Cu cut-off 376 422 46 0.69 0.23 0.561
MSW-0033 @0.3% Cu cut-off 69 209 140 0.44 0.15 0.295
MSW-0034 @0.3% Cu cut-off 911.1 1013 101.9 0.59 0.20 0.486
MSW-0035 @0.3% Cu cut-off 935 1135 200 0.38 0.12 0.283
including @0.5% Cu cut-off 940 975 35 0.60 0.19 0.512
MSW-0036 @0.3% Cu cut-off 8 118 110 0.39 0.14 0.219
MSW-0037 @0.3% Cu cut-off 422 692 270 0.47 0.15 0.305
MSW-0038* @0.3% Cu cut-off 1032 1147 115 0.67 0.21 0.493
MSW-0039 @0.3% Cu cut-off 43 123 80 0.43 0.18 0.220
MSW-0040 @0.3% Cu cut-off 290 490 200 0.43 0.14 0.247
MSW-0041 @0.3% Cu cut-off 218 428 210 0.40 0.12 0.166
MSW-0042 @0.3% Cu cut-off 373 478 105 0.48 0.13 0.254
MSW-0043 @0.3% Cu cut-off 199.5 403 203.5 0.41 0.14 0.295
MSW-0044* @0.3% Cu cut-off 972.5 1093 120.5 0.56 0.16 0.370
*Drill hole ends in mineralization
(TPM = Platinum+Palladium+Gold)
Table 2: Complete platinum, palladium, gold, cobalt and silver assays.
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
MSW-0021 @0.3% Cu cut-off 681 756 75 0.047 0.105 0.028 0.01 1.4
MSW-0022 @0.3% Cu cut-off 406 674 268 0.093 0.209 0.047 0.01 1.8
including @0.5% Cu cut-off 406 524 118 0.138 0.325 0.066 0.01 2.6
MSW-0023 @0.3% Cu cut-off 18 114 96 0.049 0.101 0.028 0.01 1.5
MSW-0024 @0.3% Cu cut-off 781 977 196 0.089 0.232 0.069 0.01 2.0
including @0.5% Cu cut-off 781 837 56 0.121 0.282 0.084 0.01 2.4
MSW-0025 @0.3% Cu cut-off 8.5 192 183.5 0.171 0.361 0.113 0.01 2.3
including @0.5% Cu cut-off 22 92 70 0.241 0.537 0.098 0.01 3.0
MSW-0026 @0.3% Cu cut-off 798 873 75 0.075 0.160 0.038 0.01 1.2
including @0.3% Cu cut-off 963 998 35 0.106 0.262 0.067 0.01 2.4
MSW-0027 @0.3% Cu cut-off 728 806 78 0.093 0.182 0.045 0.01 0.9
MSW-0028 @0.3% Cu cut-off 195 353 158 0.072 0.176 0.060 0.01 1.2
including @0.3% Cu cut-off 378 423 45 0.067 0.134 0.042 0.01 1.3
MSW-0029 @0.3% Cu cut-off 288 538 250 0.062 0.144 0.046 0.01 1.6
including @0.5% Cu cut-off 293 353 60 0.105 0.240 0.091 0.01 2.0
MSW-0031 @0.3% Cu cut-off 831.5 1107 275.5 0.087 0.196 0.055 0.01 2.0
including @0.5% Cu cut-off 831.5 882 50.5 0.122 0.300 0.068 0.01 3.0
MSW-0032 @0.3% Cu cut-off 376 537 161 0.123 0.263 0.059 0.01 2.0
including @0.5% Cu cut-off 376 422 46 0.147 0.340 0.074 0.01 2.6
MSW-0033 @0.3% Cu cut-off 69 209 140 0.082 0.169 0.044 0.01 1.2
MSW-0034 @0.3% Cu cut-off 911.1 1013 101.9 0.102 0.313 0.070 0.01 1.7
MSW-0035 @0.3% Cu cut-off 935 1135 200 0.066 0.174 0.044 0.01 1.1
including @0.5% Cu cut-off 940 975 35 0.115 0.327 0.070 0.01 2.0
MSW-0036 @0.3% Cu cut-off 8 118 110 0.060 0.125 0.034 0.01 1.1
MSW-0037 @0.3% Cu cut-off 422 692 270 0.077 0.182 0.047 0.01 1.6
MSW-0038* @0.3% Cu cut-off 1032 1147 115 0.157 0.265 0.071 0.01 2.5
MSW-0039 @0.3% Cu cut-off 43 123 80 0.054 0.133 0.033 0.01 1.2
MSW-0040 @0.3% Cu cut-off 290 490 200 0.065 0.145 0.038 0.01 1.3
MSW-0041 @0.3% Cu cut-off 218 428 210 0.039 0.099 0.028 0.01 1.4
MSW-0042 @0.3% Cu cut-off 373 478 105 0.061 0.151 0.042 0.01 1.6
MSW-0043 @0.3% Cu cut-off 199.5 403 203.5 0.077 0.171 0.047 0.01 1.3
MSW-0044* @0.3% Cu cut-off 972.5 1093 120.5 0.092 0.199 0.079 0.01 2.3
The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral interests and consolidates the largest base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop one the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2013 Drill Program, half core samples are being prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using dissolution four acid (near total) digestion followed by ICP-MS. The remaining half core samples are being stored in Minnesota.
Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metals technical content of this press release and quality assurance of the exploration data and analytical results.
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 Minnesota 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 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 plc. 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 and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.
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. Less
Two important scientific studies, from the University of California, Berkley, and the Minnesota Pollution Control Agency, provide scientific evidence that waters with elevated levels of iron significantly reduce mercury methylation, which is harmful to humans and animals, while reducing the sulfides that inhibit growth of wild rice seedlings.
Iron: The Elephant in the River:
“Reduction of Net Mercury Methylation by Iron... Implications for Engineered Wetlands” published in Vol. 37, No.13, 2003 Environmental Science & Technology provides extremely detailed research, conducted both in test tubes and sediment, that mercury methylation actually decreases with increasing concentrations of iron. The researchers write, “These experiments provide evidence that the concentration of (iron), a variable not previously c! onsidered in mercury methylation studies, influences the extent of net (mercury) methylation.” More recently, the March 2014 publication MPCA Wild Rice Sulfate Standard Study Preliminary Analysis revealed that water iron levels greater than 1 milligram per liter bonds to sulfide, making it nontoxic to wild rice. The MPCA testing revealed whopping levels of 8.0 to 84.6 mg/L of iron are present in waters throughout the proposed future copper/precious metals mining area in northeastern Minnesota.
Updated Environmental Standards are Needed for Iron Range:
In 1999, Minnesota’s Department of Health published the fact sheet Sulfate in Well Water, which recommends a sulfate limit of 400 milligrams per liter for water used in infant formula, but sets a 10mg/L in wild rice waters. According to the MPCA, no other state has this wild rice water standard.
In the absence of iron, bacteria in sediment can convert 10 mg/L of sulfate into about 150 micrograms per lite! r of sulfide and begin to affect the growth of wild rice seedlings .
However, with new scientific evidence that sufficient iron makes sulfide non-toxic, the MPCA notes, “Considerable data suggest that in some cases the development of a site-specific standard would be protective of wild rice production.”
The MPCA study even contains a chemical formula that determines the level of sulfate needed to overwhelm the ability of iron to precipitate harmful sulfides from wild rice waters, which can be used to establish water sulfate standards based on regional levels of iron content.
In a recent Star Tribune article, Kathryn Hoffman, an attorney with nonprofit law firm Minnesota Center for Environmental Advocacy, said the state’s environmental standard remains in place because the state’s research supports it. “And this is science,” she said. “Not democracy.”
This IS science, chemistry to be more exact.
The 10mg/L sulfate standard is d! efensible in waters that contain no iron content. But Ms. Hoffman appears to ignore the scientific evidence that invalidates her organization’s steadfast opposition to precious metals mining. Iron range waters are loaded with iron.
Updating our wild rice sulfate standards will benefit towns in northeast Minnesota whose water treatment facilities cannot meet the current standard. Chris Vreeland, a Hoyt Lakes city councilor, in a recent WDIO interview explained, “I managed a waste water treatment facility for 33 years, and we always had issues with sulfates. We learned today that it could cost $130 per household if we have to build a reverse osmosis plant to treat the water further.”
There is sufficient scientific evidence to support the contention that precious metals mining in the iron-rich Minnesota arrowhead region can be done without harming wild rice. PolyMet Mining explains on their website how protecting wild rice is important to them because wild rice is sacre! d to tribes who live in the region.
Twin Metals recently published its proposal for revitalizing Minnesota’s mining industry for at least 100 years while protecting the environment.
Based on this new scientific evidence , Gov. Dayton should direct MPCA to update Minnesota’s antiquated and unreasonable “one-size-fits-all” 1973 wild rice sulfate standard.
Updated regulations will ensure the environment is protected. The enormous tax benefits of mining an estimated $3 trillion in copper and precious metals will pay for improving our schools, our roads and many other projects important to voters.
Proposed bill would not require EIS for some natural resources processing plants
by Katie G. Nelson Legislative Correspondent | Updated 16 hours ago
ST. PAUL — Natural resource processing plants — like the pending Segetis Inc. biochemical facility in Hoyt Lakes — often face a barrage of lengthy environmental reviews before obtaining permits to build.
But Iron Range lawmakers are hoping to streamline those processes to make it easier for small and mid-sized factories to plan, build and begin operations quicker than ever before.
DFL Sen. Tom Saxhaug of Grand Rapids wants to avoid requiring environmental impact statements for some natural resource processing plants, including Segetis’ pending $105 million biochemical plant at the Laskin Energy Park in Hoyt Lakes.
S.F. 1747 would eliminate the requirement for an EIS for any new facility producing less than 400,000 tons of chemicals a year that is located outside the seven-county metro area.
Saxhaug said he authored the measure with the proposed Segetis facility in mind.
The Segetis biochemical plan would process corn sugars and later wood sugars into levulinic acid, a chemical incorporated into many plastics and cleaning products. Their new biochemical product is considered to be renewable, sustainable and to have a low-environmental impact, as opposed to the chemical components used in traditional plastic.
Currently, ethanol, biobutanol and cellulosic biofuel factories are not required to conduct an EIS if they produce less than 125,000,000 gallons a year. Saxhaug said this measure simply creates “equal footing” for EIS regulations between similar companies
An EIS is used to determine and address the potential economic and sociological impacts that a project could generate. The statement is used in conjunction with other permitting or project approval processes.
Calling the EIS a “fairly lengthy process” that takes at least a year to complete, Craig Affeldt with the Environmental Review Unit at the Minnesota Pollution Control said it “is the highest level of review you go through in the state of Minnesota. It’s intended to cover all the issues.”
There are several stages of an EIS, many of which include public input periods and draft modifications.
The proposed PolyMet copper/nickel/precious metals mine is considered the “granddaddy” of the EIS process due to its enormous size and the potential environmental impacts, Affeldt said. The PolyMet project finished an EIS public input period in March.
A self-described proponent of the EIS, Affeldt said the removal of the requirement hinders the ability for widespread public input and understanding of a proposed project.
“I think what you sacrifice by not going through environmental review is that you lose the opportunity for greater public awareness and public involvement about what’s going on,” he said.
Segetis President and CEO Atul Thakrar said he was unsure if the proposed plant would need an EIS given that the factory is considered a green operation.
Thakrar was also quick to note the difference between Segetis’s plan and the proposed PolyMet venture.
“We’re not in the same game as PolyMet in terms of affecting the ground water or air pollution. We have a much, much smaller footprint than the mining companies,” Thakrar said.
Thakrar said he doesn’t anticipate a significant environmental review for the proposed biochemical plant and would be “surprised” if an EIS is required.
Saxhaug’s bill was added to a larger natural resources bill authored by Sen. John Marty DFL-Roseville, and Rep. David Dill, DFL-Crane Lake, on Monday. The details of the bill are currently being negotiated in a committee.
The ground-breaking of the Segetis plant could be as soon as next fall, with completion in 2015, Thakrar said.
The project will generate 245 construction jobs, 50 permanent jobs initially and another 20 when it transitions to wood products.
It would be the company’s first commercial-scale biochemical plant.
Canadian gold mining's bidding war shows appeal of buy over build
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Looming Shortages = Platinum and Palladium Gains for You
http://www.dailyreckoning.com.au/looming-shortages-platinum-and-palladium-gains-for-you/2014/03/26/
Duluth Metals Announces SEDAR filing of updated AMEC Resource Study on Twin Metals
http://finance.yahoo.com/news/duluth-metals-announces-sedar-filing-090000356.html;_ylt=AwrBTzvQp0xTQUcAEEPBGOd_;_ylu=X3oDMTBsa3ZzMnBvBHNlYwNzYwRjb2xvA2JmMQR2dGlkAw--
Franken and Klouchar letters to EPA
http://blogs.mprnews.org/capitol-view/2014/03/nolan-franken-klobuchar-weigh-in-on-polymet-mine/
HOMENEWSRADIOLOG INE-MAIL ALERTSSUBSCRIBECLASSIFIEDSE-EDITIONRSS
Twin Metals copper-nickel mine plans firming up
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By Associated Press Sunday, March 30, 2014
STORY TOPICS
Environment
Bob Mcfarlin
Twin Metals Minnesota
Polymet Mining Corp.
Duluth Complex
VIRGINIA, Minn. (AP) - 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.
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Look at the future of copper by the bottom of the page
Asia shares hit two-week highs on upbeat U.S. data, Ukraine hopes
3 hours ago
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A man is reflected in a stock quotation board outside a brokerage in Tokyo January 28, 2014. REUTERS/Toru Hanai
By Hideyuki Sano
TOKYO (Reuters) - Asian shares raced to two-week highs on Wednesday, with investor confidence getting a much-needed boost from upbeat U.S. data and diminishing concerns over the Ukraine/Crimea crisis.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 percent to its highest level since March 11, while Japan's Nikkei (.N225) ticked up 0.3 percent.
European shares are expected to follow suit, with both Germany's DAX (.GDAX) and France's CAC (.FCHI) seen rising 0.4 percent.
U.S. consumer confidence rose more than expected in March, to its highest level since January 2008 and U.S. house prices increased solidly in January.
The two reports were the latest in a string of positive reads on the U.S. economy, adding more credence to the view that softness earlier this year was related to bad weather and not inherent economic weakness.
The upbeat data helped Wall Street shares rebound after a two-day decline, with the Standard & Poor's 500 Index (.SPX) gaining 0.4 percent.
Risk appetite also got a lift from perceptions that geopolitical tensions over Ukraine are easing after a meeting of Western leaders ended with little more than fist-shaking at Russia.
U.S. President Barack Obama and his allies agreed to hold off on more damaging economic sanctions unless Moscow goes beyond the seizure of Crimea.
The news that Moscow's and Kiev's foreign ministers had held an impromptu first meeting also led investors to believe the crisis triggered by Russia's annexation of Crimea is not heading into a wider armed conflict.
"The markets were worried that Russia might invade the southern or eastern part of Ukraine after Crimea. But the chances of that happening seems to be slim now, reducing investors' risk aversion," said Kyosuke Suzuki, director of forex at Societe Generale.
Investor relief was palpable in Russia, where the ruble firmed to pre-Crimea crisis levels.
The ruble rose about 1.5 percent on Tuesday against the dollar-euro basket, its biggest gain in 1-1/2 years, to 41.68 to the basket, hitting a one-month high.
The MSCI emerging equities index (.MSCIEF) also rose to a two-week high, with Brazilian shares (.BVSP) tapping five-week highs despite a downgrade of Brazil's credit rating by U.S. rating firm Standard & Poor's.
Indian shares (.BSESN) hit a record high and the rupee also rose to an eight-month high on hopes of more foreign investment inflows.
Hopes that Beijing will take steps to bolster its sagging economy underpinned Chinese shares and many markets leveraged to the Asian giant. Brazil and Australia were among the beneficiaries, as well as a host of commodities.
Following a recent run of disappointing Chinese data this year, many economists now expect China's growth to fall short of the government's target of 7.5 percent this year in the absence of effective support measures.
"Investors are betting on stimulus because Chinese authorities have done everything they could to achieve the target in the past," said Sho Aoyama, senior market analyst at Mizuho Securities.
Mainland Chinese shares (.SSEC) dipped slightly but still held not far from one-month high, even as rumor of insolvency led to a run on small banks amid growing anxiety about potential insolvencies in China as regulators signal greater tolerance for credit defaults.
London copper futures rose to a two-week high of $6,623.75 per tonne on Tuesday, while commodities that had been battered earlier this month -- including iron ore and steel -- also rebounded from their lows.
The Australian dollar hit four-month high of $0.9200. Other major currencies were stuck in well-worn ranges, with the euro fetching $1.3816 and the yen changing hands at 102.32 yen to the dollar.
Meanwhile, precious metals lost some of their allure as concerns over Ukraine eased and as U.S. short-term rates have risen.
Gold hit a five-week low of $1,305.59 per ounce on Tuesday and last stood at $1,313.20 while silver dropped to seven-week low of $19.78 per ounce.
(Editing by Shri Navaratnam and Eric Meijer)
At current valuations, investors would not have to take a very optimistic view on Russia's future to see some potential upside in Russian assets once the crisis has abated."
Stephanie Flanders
China manufacturing tumbles but U.S. stocks will persevere: Johnson
By Jeff Macke
4 hours ago
Breakout
China's PMI index measuring manufacturing activity fell to an eight-month low of 48.1 in March. Economists surveyed by Bloomberg had been expecting 48.7. Anything below 50 is seen as evidence of economic contraction. The data for March was the worst in 8 months and the fifth straight economic contraction in the world’s second largest economy.
Chinese stocks actually rose after the PMI news on hopes that the data would push Chinese central banks into more aggressive stimulus programs. iShares China Large-Cap (FXI) ETF was up more than 1.5% in early trading Monday. It’s a nice bounce but the popular ETF is still down more than 8% for the year and Chinese markets officially entered bear market territory last week.
Hugh Johnson of Hugh Johnson Advisors says the Chinese will do whatever they can to keep their economy above stall-speed but a little perspective is in order. “Economic growth is not going to go below 7% in China which is still a pretty strong number,” Johnson understates in the attached video.
The real problem facing U.S. equities (^GSPC) isn’t our trading partners but complacency. “It would be nice to see a 5 - 8% correction and to see a little more pessimism out there, but the message of the markets is really clear: We’ve got farther to go in this cycle, through 2014 and through 2015 so you want to keep a very meaningful exposure to equities in a balanced account.”
China brakes as euro zone gears up
By Jonathan Cable
1 hour ago
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An employee works at a production line of an automobile factory in Hefei, Anhui province, January 9, …
By Jonathan Cable
LONDON (Reuters) - China's huge manufacturing engine stuttered in the early part of 2014 while a return to growth in French business activity this month suggested a solid, broad-based recovery was taking shape in the euro zone, surveys showed.
Weaker-than-expected readings from China pointed to a contraction in the first three months of the year and will raise market expectations of government stimulus to arrest a loss of momentum in the world's second-largest economy.
"It tells you something about the extent to which market concerns about a slowdown in China are justified," said Peter Dixon at Commerzbank. "In the euro zone, the economy is bowling along at a reasonable pace."
A solid expansion in both the euro zone's manufacturing and services industries in March, and growth in its second-biggest economy France, meant the bloc's recovery pace barely slowed from February's 2-1/2-year high.
But the threat of deflation in the region was highlighted by surveyed firms' increasing willingness to cut prices to attract customers.
Data due later from the United States is expected to show manufacturing growth in the world's top economy eased this month from February's near four-year record high.
China's flash Markit/HSBC Purchasing Managers' Index (PMI) fell to an eight-month low of 48.1 in March from February's final reading of 48.5. The index has been below 50 since January, indicating a contraction in the sector this year.
Output and new orders both weakened but new export orders grew for the first time in four months, the survey showed, suggesting the slowdown has been driven primarily by weak domestic demand.
"Usually, for the month of March, the PMI will rebound, because after Chinese New Year, there should be some activity coming back, but this PMI is disappointing," said Wei Yao, China economist at Societe Generale in Hong Kong. "The government probably will have to provide some supporting measures."
Earlier this month, sources told Reuters the central bank in Beijing was prepared to loosen monetary policy in order to keep the economy growing at 7.5 percent. Last year, China's economy grew 7.7 percent, the same pace as in 2012.
Premier Li Keqiang said last week investment and construction plans would be accelerated to ensure domestic demand expands at a stable rate.
A slab of steel is laminated at the ArcelorMittal factory in Seremange near Florange, Eastern France …
Further signs of a slowdown in China pushed European shares lower on Monday, although robust data from France and Germany limited their decline.
BUILDING BLOC
The euro zone's composite PMI, which is seen as a good growth indicator, edged down to 53.2 from February's 32-month high but Markit said it indicated a 0.5 percent economic expansion this quarter, stronger than the 0.3 percent predicted in a Reuters poll earlier this month.
Having lagged the recovery in much of the euro zone in recent months, France's index surged through the 50-point threshold to reach its highest level since August 2011, while German composite figures showed growth slowed from February's 33-month high but remained strong.
"The best news in March saw manufacturing and services output not only return to growth in France but expand at the fastest rate for 31 months. Meanwhile, German expansion was pretty robust," said Howard Archer at IHS Global Insight.
But worryingly for policymakers, firms have discounted prices to drum up business for two years now - and they did so in March at a steeper rate than last month.
Inflation across the currency union was just 0.7 percent in February, well below the European Central Bank's 2 percent target ceiling, and the latest PMI will do little to allay fears of deflation in the region.
A significant number of economists have doubts about the ECB's view that deflation is not a threat and that the recovery will take hold without any more policy action.
Finland's central bank said on Monday inflation in the bloc could stay low for longer than previously thought, potentially making it harder to rebalance the economy.
The ECB has little room to manoeuvre, having already slashed its main interest rate to near zero and given more than 1 trillion euros of cheap cash to banks for a three-year period, and it held policy steady when it met earlier this month.
"The further signs of recovery will encourage the ECB in refraining from further monetary easing, at least in the short term," said Martin van Vliet at ING.
(Additional reporting by Adam Rose in Beijing and Leigh Thomas in Paris; Editing by John Stonestreet)
The proposed PolyMet copper-nickel mine in northern Minnesota is either a great deal or a rotten deal for Minnesota.
Its 20 years of mining creates 350 jobs and bountiful taxes. On the other hand, it also creates a 200-year threat to the northern Minnesota watershed.
Recent public meetings didn’t help much because they were dominated by solidified opinions, loudly supported by well-practiced presenters. The Minnesota Chamber of Commerce’s description of PolyMet’s latest review as “adequate” is simple-minded because every system is “adequate” until life proves that it isn’t. (Remember all those failures of regulated banks in 2008 and 2009?)
And most frustrating to me is that no one has given us a good definition of what is safe enough (what the experts call “acceptable risk’’) vs. what just isn’t safe in the first place (“unacceptable risk’’). Let’s provide some definitions.
First, understand that all economic activity creates risk. Incorrectly examining economic activity for its risk is best understood by this story of a young scientist saying to an old scientist, “We’re going to be rich because I’ve invented an acid that melts everything it touches.”
“Really,” says the older scientist. “What are you going to keep it in?”
Correctly examining economic activity for risk is found in commercial aviation with its hard-and-fast rule: “Once you get your ticket-paying customers in the air, you have got to be able to bring them back down safely.”
To better understand the concept of acceptable and unacceptable risk, I will paraphrase a 10-page white paper, published in the May 2010 issue of Professional Safety magazine. The author puts all risks in one of four categories:
Category 1: Lower risk factors; procedures in place to ensure maintenance of present risk level.
Category 2: Steps must be taken to reduce risk; remedial action to be taken when necessary.
Category 3: Risk should be reduced as low as reasonably predictable; high priority remedial action plan.
Category 4: Unacceptable; operation not permissible except in rare circumstances.
Stay with me now as we explore a real-world example of acceptable vs. unacceptable risk. For the last year we’ve been reading about oil trains coming out of North Dakota’s Bakken region derailing and exploding.
The unprecedented volume of oil gushing out of the Bakken has exceeded the existing pipeline capacity, thereby creating a huge demand for oil trains. Unfortunately, the current generation of rail cars is proving inadequate for the new stress being put on them.
This stress has manifested itself in a series of derailments/explosions, the worst one causing 47 deaths in a Canadian city last July.
All levels of government have been increasingly pressuring the oil and railroad companies for better safety standards and safer operating procedures. The National Transportation Safety Board, charged with investigating the American accidents, told Congress that oil trains, as currently outfitted, represent an unacceptable public risk.
On March 3, Warren Buffett, whose Berkshire Hathaway Inc. owns BNSF Railway Co., confirmed that BNSF would spend several billion dollars to buy 5,000 new oil tank cars with better safety features.
Our lesson? An economic activity once judged to be an “acceptable risk’’ had become an “unacceptable risk.’’ This judgment offers an important lesson for Minnesotans debating the proposed PolyMet copper-nickel mine. So let’s test what we have learned by briefly taking the side of “acceptable risk’’ by quoting Ely’s Jon Baltich, who told the Star Tribune in January: “There is no doubt that in 2014 that we can safely extract the minerals without damaging the waters or land.”
If that is true, then a risk professional would ask these questions: 1) Is there a way to safely contain the polluted water? 2) If that system fails, threatening to leach toxic pollutants into groundwater, is there some early warning system? 3) Is there some way to collect and escrow the money needed for the holding tanks and the warning system, for when the alarm rings?
If the answers were all yes, then risk and finance professionals would study the total economic impact and come to some dollar figure for creating the critical safety net. And only then would we decide if there is enough safety to justify cracking open this volatile ore.
Now let’s explore the “unacceptable risk’’ as articulated by Katherine Hoffman, who told the Star Tribune in February: “It should not be what the company can afford. It should be what will protect the taxpayer and the environment.”
If the answers to our three sample questions are ‘‘no,’’ then copper-nickel mining would be an unacceptable risk, and no amount of economic activity/reimbursement could justify its existence.
Let’s agree that once you crack open hard-rock sulfide ore, you must prevent it from leaching into one of the finest watersheds on the North American continent. Ever.
About the author: Terry Larkin, a private consultant in the Twin Cities, is a 40-year veteran of the risk management/insurance profession. His e-mail is TLCEIS@aol.com.
Lets clear this up for the weekend!
Copper, zinc and nickel to do well in 2014
Global growth is likely to pick up in response to stronger growth in advanced economies. Euro-zone growth could improve because of (a) reduced pace of fiscal tightening and (b) stronger exports, but weak domestic demand and a fragile banking system could increase deflation risks that could force the European Central Bank (ECB) to turn further accommodative.
The US economy could grow above the trend over 2014-15, in response to the fading fiscal drag and improvement in private demand allowing the Fed to wind-down the third round of quantitative easing (QE3) by end-2014 and begin raising rates in 2015. But anyone expecting a sharp fall in prices across commodities as the Fed gradually reduces its bond buying through 2014 is in for a surprise. The prices of most industrial commodities tend to strengthen as the cycle unfolds. If the start of tapering shows the Fed is getting more positive on the growth outlook, then the prospects for commodity demand are almost certainly improving, too.
New exploration constraints
Future supply of zinc and lead was expected to be constrained, as not enough discoveries of these metals were being made. Discovery rates in gold and silver have been healthy owing to rising prices, while discovery rates in base metals have been dismal because of the falling prices. Global exploration spend increased from $2.9 billion to $29.4 billion over the last decade, with exploration spend having reached an all-time high in 2012. Owing to lower commodity prices, exploration spend is forecast to drop by 20 per cent in 2013 and by another 15 per cent by 2020. Funding challenges would continue to include increasing exploration costs (labour, drilling and administrative costs) and a decrease in the rate of new discoveries.
Chinese demand
Uncertainty over Chinese demand continues, as growth is likely to remain subdued because of softer domestic growth and comfortable stock position. Base metals are sensitive to economic data from China, which is the world's biggest consumer of industrial metals. Copper is used in a wide range of industrial products, including automobiles, wiring and home appliances, making prices sensitive to such economic data. China accounts for about 40 per cent of global copper use. Recent reports on the country suggested the pace of economic expansion slowed in December, weighing on sentiment in the copper market. China's housing market could moderate this year. Average housing prices are expected to rise five per cent, said ratings firm Standard & Poor's, with housing sales projected to grow 10 per cent. Increases in urbanisation and disposable incomes will underpin demand for homes this year.
Meanwhile, Chinese copper consumption could surprise to the upside this year after the state grid forecast a 13 per cent increase in spending. The power sector accounts for more than 40 per cent of Chinese copper demand, and outsized spending in 2013 helped tighten the Chinese market for most of the year. This suggests copper demand from the power sector could stay stronger, in 2014 too.
Indonesian ore export ban
Indonesia's announcement of the ore export ban has had a considerable sentimental impact, but the effect of the ban on global ore supply in real terms seems to have been limited. China, which accounts for about half of global nickel demand, has enough stocks to last six months.
Early closure of the Century mine is a positive development for a supply worry mainly in zinc. However, it is also important to acknowledge the current inventory picture, which offers a sizeable enough buffer to moderate the degree of price rise.
Global copper usage is expected to grow by 4.5 per cent in 2014 with world-ex-China expected to grow by 2.5 per cent, data from the International Copper Study Group showed. The above factors clearly indicate that even though Chinese demand is unlikely to grow, advanced economies could more than compensate and with new exploration rates dropping sharply, we remain bullish in selective base metals like copper, zinc and nickel in the coming year.
We expect LME Copper to range between $6,900/mt and 7,600/mt and the domestic prices to range from Rs 445 to 495 in the coming months.
EPA reverses decision on Mesabi Nugget variance
By STEVE KARNOWSKI Associated Press
POSTED: 03/11/2014 09:06:44 AM CDT | UPDATED: ABOUT 5 HOURS AGO
MINNEAPOLIS—The federal Environmental Protection Agency has agreed to reverse its approval for a variance that lets the Mesabi Nugget iron processing plant near Hoyt Lakes violate Minnesota water quality standards but said Tuesday that the state and company will get the chance to reapply.
In a motion filed in federal court Monday, the EPA told the court it intends to disapprove the variance, which it approved in 2012. The decision still requires court approval.
Two environmental groups and the Fond du Lac and Grand Portage Chippewa bands sued the EPA last year to block the variance, saying it improperly allowed the iron processing plant to exceed state standards for bicarbonates, conductivity, hardness and total dissolved solids. They said the discharges threaten wild rice and other aquatic organisms in the St. Louis River watershed, which flows into Lake Superior.
If the court approves, the EPA said in a statement Tuesday, the federal agency will send the Minnesota Pollution Control Agency a letter formally disapproving the variance.
"If MPCA can adequately address the issues raised in the disapproval letter, MPCA will be able to resubmit the variance for EPA review and approval," the EPA said.
The MPCA will wait to get that letter before it determines its next steps, said Shannon Lotthammer, director of the agency's environmental analysis division. She said she didn't know what issues the EPA might raise.
Mesabi Nugget's plant manager, Jeff Hansen, said the company was working on a statement.
The groups WaterLegacy and the Minnesota Center for Environmental Advocacy said the EPA's decision means Mesabi Nugget must comply with established standards.
"This is a very substantial victory," Paula Maccabee, an attorney for WaterLegacy, said. She said the EPA has recognized its approval of the variance was a mistake and that the state's water quality standards must be enforced.
Scott Strand, executive director of the Minnesota Center for Environmental Advocacy, said in a statement that the EPA's decision has implications for not just the state's iron mining industry but copper-nickel mining projects as well. Mesabi Nugget is located near the processing plant that PolyMet Mining Corp. plans to use for its proposed copper-nickel mine, which is going through the environmental review process.
Mesabi Nugget uses a new technology to convert iron ore concentrate into 97-percent pure iron nuggets that are used in electric arc mini-mills, in contrast with the less pure taconite pellets produced by most Minnesota mining operations that feed traditional blast furnaces. The MPCA approved the plant's water quality variance in October 2012, and the EPA signed off on it in December 2012.
The plant and the affected streams sit in an area where the Fond du Lac, Grand Portage and Bois Forte bands retain hunting, fishing and gathering rights under an 1854 treaty. The Fond du Lac and Grand Portage bands said in a joint statement that the variance allows sulfate discharges that are about 16 times higher than the state's limit for wild rice waters. However, the EPA noted that the company did not seek and the EPA did not grant a specific variance from the state's sulfate standard. Lotthammer said sulfates are only one component of the total dissolved solids covered by the variance, and the litigation did not address the sulfate standard.
"This case was about maintaining the wildlife habitat and wild rice waters where band members exercise their treaty rights, and about protecting the rights of all Minnesotans to have clean water," Fond du Lac Chairwoman Karen Diver said in the statement.
"We are not against mining, and support the jobs mining brings to the Iron Range—but industry has to comply with the Clean Water Act and acknowledge our treaty rights," Grand Portage Chairman Norman Deschampe added.
This is all they have left attack something or someone.
It's all over for them!
Rep. Nolan strongly supportive of PolyMet
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Rep. Nolan strongly supportive of PolyMet
Eight District U.S. Rep. Rick Nolan, D-Minn., is shown.
Posted: Saturday, February 1, 2014 10:14 pm
BILL HANNA Executive Editor
VIRGINIA — In his strongest statement yet of support for the PolyMet copper/nickel/precious metals project on the Iron Range, 8th District U.S. Rep. Rick Nolan said he is “confident” the venture will go forward.
“They’ve put together a technology plan that I think satisfies all of us on the need to ensure water and the environment are protected,” the Brainerd area congressman said in an interview on Friday at the Mesabi Daily News.
The first-term 8th District Democratic congressman, who served in the House from 1975-1981 in the 6th District when congressional boundaries were different, has a long history of advocating for environmental standards.
He said he’s perplexed by such strong opposition he finds hypocritical to the project from environmental groups and individuals.
“In many respects this will help fulfill many of the environmentalists’ major goals ... catalytic converters on cars, copper in windmills, alternatives to fossil fuels, cell phones and lap tops, and pharmaceuticals that save lives.
“And that’s not to mention jobs and opportunities socially and economically,” Nolan said.
The project’s 2,200-page environmental impact statement is in the public comment period. Three public hearings have been held on the document, the last of which was Tuesday in St. Paul.
PolyMet officials say the copper/nickel/precious metals project will create 360 permanent jobs, hundreds more spin-off positions, and more than 2 million hours of construction work.
Opponents argue the first nonferrous mine in Minnesota will damage the area’s water quality.
But company officials and other supporters say the project will be done in an environmentally safe way with standards exceeding state and federal regulations.
The company is paying for the entire EIS process. It has already invested more than $150 million into the venture, with $80 million of that going to environmental review. The total project investment is expected to be $650 million.
“My life experience has taught me we can do both ... create jobs and have a safe and clean environment ... if we have the will to do both,” Nolan said.
Nolan said the “reclamation plan is impressive,” and said another criticism of opponents — financial assurances — will be put up by the company and are part of the permitting process that follows a determination of adequacy on the EIS, which is made by the Minnesota Department of Natural Resources.
“The good news is we are sitting on top of the largest untapped reserves of these metals.
We have the technology to do this right. The company’s prepared to do what is asked of them. The regulatory regimes are in place to ensure it’s done right. So, let’s do it,” Nolan said.
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EPA new regulations including water
www.newsmax.com/GroverNorquist/new-EPA-regulations-election/2012/10/24/id/461346
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