U.S. bans mining in parts of Minnesota, dealing latest blow to Antofagasta's copper project
Adds comments from Twin Metals, politician
By Ernest Scheyder
Jan 26 (Reuters) -The U.S. Interior Department on Thursday blocked mining in part of northeast Minnesota for 20 years, the latest blow to Antofagasta Plc's ANTO.L Twin Metals copper and nickel mining project but a step officials said is needed to protect the state's vast network of interconnected waterways.
The decision further escalates the U.S. tension over where and how to procure the minerals crucial for the green energy transition. Copper and nickel are used to build electric vehicles, solar panels, wind turbines and other renewable energy devices.
While Congress and President Joe Biden have heavily subsidized mining and minerals processing, administration officials said the risk from a mine to northern Minnesota's ecology was too great.
"With an eye toward protecting this special place for future generations, I have made this decision using the best available science and extensive public input," said Interior Secretary Deb Haaland, who signed an order on Thursday morning withdrawing 225,504 acres in the Superior National Forest from leasing to mining or geothermal companies through 2043.
Chile-based Antofagasta's Twin Metals subsidiary said it was "deeply disappointed and stunned" by the move and that it remains committed to protecting its rights to access the mineral deposit.
The region is visited each year by more than 150,000 outdoor enthusiasts, many of whom have long feared that any mine disaster could pollute rivers and quickly spread through the 1.1 million acres of the Boundary Waters Canoe Area Wilderness and into the Great Lakes.
The underground Twin Metals mine would, if built, be a major U.S. source of copper and nickel. The only existing U.S. nickel mine is set to close by 2025.
Haaland's decision, which had been expected, came after U.S. officials canceled the Twin Metals leases last January and rejected the mine's plan of operations, steps that essentially killed the project.
Antofagasta sued last August, claiming the decision was "arbitrary and capricious." The leases were first granted in 1966 and have been passed between successor companies. No mining has taken place at the site, near the town of Ely. Thursday's move deals another roadblock to the project, regardless of the court's decision.
Republicans blasted the decision. "If Democrats were serious about developing renewable energy sources and breaking China's stranglehold on the global market, they would be flinging open the doors to responsible mineral development here in the U.S.," said Representative Pete Stauber, chairman of the House Committee on Natural Resources.
Administration officials said they do not believe blocking the Twin Metals project shows they do not support mining. "The department sees the value in critical minerals and their critical importance to the future of this country," an Interior Department official said.
'IRREPARABLE HARM'
Antofagasta has long said it would use the most-advanced equipment to protect the environment, but officials noted other recent mining disasters as evidence of "irreparable harm" should the company's efforts fail. Administration officials added they believed the region's economy would benefit more from recreational activity than mining.
The officials said it was unclear whether future administrations could reverse the 20-year decision. Only Congress can make the ban permanent.
"You don't allow America's most toxic industry next to America’s most popular wilderness," said Becky Rom of the Campaign to Save the Boundary Waters in response to Haaland's move.
The mineral withdrawal does not affect Minnesota taconite iron ore mines operated by U.S. Steel X.N, ArcelorMittal SA MT.LU and Cleveland-Cliffs Inc CLF.N.
The order also does not affect a proposed nickel mine from Talon Metals Corp TLO.TO, which last year received funding from the Biden administration, nor PolyMet Mining Corp's POM.TO plans to build a copper and nickel mine in the state.
Reporting by Ernest Scheyder; Editing by Mark Porter and Daniel Wallis
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
