Projections boosted for copper mine near Ely

MINNEAPOLIS (AP) — The company planning a copper-nickel mine near Ely has boosted its estimates of how much metal it's sitting on.

Duluth Metals Ltd., the Canadian-based parent of Twin Metals Minnesota LLC, says new data confirm they have one of the world's largest deposits of copper, nickel and precious metals, with some of the largest platinum and palladium resources outside South Africa.

It says the site has "indicated resources" of 8 billion pounds of copper, 2.5 billion pounds of nickel and 12.1 million ounces of palladium-platinum and gold. It also projects less-certain "inferred resources" of 13.5 billion pounds of copper, 4.6 billion pounds of nickel and 15.8 million ounces of precious metals.

Duluth Metals CEO Christopher Dundas called it "a monster deposit." He estimates the value at more than $100 billion.