Minnesota’s Executive Council Approves New Mining Leases
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Minnesota’s Executive Council on Tuesday approved the issuance of 284 mineral leases that allow exploration, and potentially mining, under more than 112,000 acres of land where the state owns the mineral rights.
The leases were issued to four companies that submitted bids at the state’s nonferrous metallic minerals lease sale in June:
238 leases covering 94,607.69 acres in Itasca, Koochiching and St. Louis counties to AngloGold Ashanti Minnesota Inc., subject to special terms in two of the leases and exclusion of certain lands in three of the leases.
Nine leases covering 2,759.55 acres in St. Louis County to Encampment Minerals Inc.
34 leases covering 14,870.93 acres in Lake of the Woods County to Afton Minerals LLC.
Three leases covering 560 acres in Beltrami County to Solway Resources LLC.
Most of the proposed exploration is under state managed forest lands and is aimed at copper, nickel, zinc and gold.
The DNR auctions off the exclusive rights to explore for minerals on specific parcels in exchange for a small lease fee and, if any mining ever occurs, a royalty on every ton of mineral produced.
Revenue from the leases goes to school districts, local government where the leases are located, and the state’s general fund.
Source: Duluth News Tribune
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