We're on the verge of a huge economic upswing.

There's a new wind blowing on Minnesota's Iron Range, and a new spirit of optimism.

I think there's some real opportunities there as well.

Federal and state lawmakers are talking about the possibilities associated with copper–nickel mining.

For many years geologists have known about a huge deposit of non–ferrous metals in Northeastern Minnesota. Now a perfect storm of circumstances has created a situation making it worthwhile to go after them.

Now we have a process and we have economics that make sense.

The process is a non–smelting operation that separates the metals in a more environmentally–friendly way.

"We have a very good technology that has been developed and refined over the past 20 or 30 years to be able to recover all of the metals without sending all of the pollutants up into the air."

Meanwhile the prices for the product including copper, nickel, platinum, palladium and gold have gone through the roof.

"Obviously the price of these metals, they're in demand all over the world for all kinds of applications."

Copper is the star of this potential new boom.

"The price for copper is very good. It's running typically between 3–dollars and 5–dollars a pound. And it's projected to be a very good price with all the infrastructure that's being built in places like China, India and Russia."

Since the U–S currently imports more than 2–million tons of copper a year, the domestic market is expected to be very good as well and the deposit is huge.

Know as the "Duluth Complex", it stretches from Aitkin County to Ely and contains more than four billion tons of valuable non–ferrous metals. If these minerals are mined experts say there's enough to keep plants producing for more than 30 years.

Investors are excited about this because they see the potential.

There are five companies doing exploratory drilling right now, including PolyMet Franconia, TeckCominco, Duluth Metals and Kennecott.

PolyMet is about four years ahead of the other companies thanks to the purchase of the former LTV Taconite mine near Aurora.

"We're able to utilize the railroad system, the powerline systems, the substation, the crusher, the concentrator, the tailings basin, and re–locate then the new facilities with the new technology right next to them."

Franconia is still in the exploration stage but the drill cores are looking very promising.

With the amount of sulfides in these rocks, and the grade of it, it helps us or makes us able to go after it; makes it economically possible to mine.

"When they got to this level of the rock, sprinkled with the valuable metals, they knew they were on to something good. But when they got to this level of the rock, literally full of these valuable metals, they knew they'd found the motherload."

Before any of these companies can begin mining they must get approval from various environmental agencies.

PolyMet expects to submit its required environmental impact statement by the end of March to be followed by a public comment period.

Plant officials hope to meet all requirements and begin mining by 2010.

"The day we get a permit is the day we start refurbishing the existing and start working on the mine."

With an estimated 4–hundred jobs per mine and a projected annual payroll of 40–million dollars per mine this potential new boom could significantly impact the entire region.