Antofagasta Buys Duluth Metals, Interest in Minnesota Copper Mine, for $85 Million

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Duluth Metals, a company that’s been pushing to build a copper-nickel mine in northeast Minnesota, said Monday it is selling its operations to Chilean mining giant Antofagasta PLC for about $85 million.

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Antofagasta and Duluth have been partners in Twin Metals Minnesota, which wants to build an underground mine near Ely, Minnesota.

The region may hold what could be the world’s largest untapped source of copper and other metals valued at perhaps $100 billion.

Following a two-day decline on the LME, the 3-month price of copper climbed up 0.9% to end at $6,765 per metric ton on Monday, November 3. Also on the LME, the cash price of primary copper rose 0.7% to $6,835 per metric ton.

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The price of US copper producer grade 122 saw a 0.3% decline to $3.77 per pound. The price of US copper producer grade 110 fell 0.3% to $3.77 per pound. The price of US copper producer grade 102 declined 0.3% to $3.96 per pound. The Japanese copper cash price flattened at JPY 781,000 ($7,173) after two days of improvement.

Chinese copper prices were mixed for the day. Chinese copper bar prices saw a 0.2% decline to CNY 49,080 ($7,991) per metric ton. The Chinese copper cash price weakened by 0.2%, settling at CNY 49,280 ($8,024) per metric ton. The price of Chinese copper wire saw essentially no change for the fifth day in a row, remaining around CNY 50,395 ($8,205) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,213) per metric ton.

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