Duluth, MN (NNCNOW.com) - A study conducted by the Labovitz school of business at UMD found if all the mining projects being looked into, come to fruition, including both iron ore and copper nickel, it could create more than 15,000 jobs and generate millions of dollars for the state of Minnesota.
The researchers say in 2016 Minnesota would reach an economic peak, with 3,190 new jobs for that year alone.
Direct and indirect mining jobs would generate $4.5 billion with the potential to double.
With the recent rise in copper prices, copper–nickel mining would account for a substantial part of that economic growth.
"What's really going on right now is they're exploring and they're getting in position to actually mine. They're doing a lot of the preliminary work, the exploration, figuring our exactly where they want to mine and looking at the processes," said UMD business and economic admin.,
According to the Minnesota Department of Revenue, in 2011 the ferrous mining industry added $152 million in taxes generated by exploration efforts.
Non–ferrous mining has generated a lot of controversy.
Part of the copper–nickel deposit is located in the boundary waters which is a pristine wilderness.
There are also questions about the overall environmental impact of potential acidic drainage from this type of mining.
This study looked only at the economic impact should non–ferrous mining begin in Minnesota.
Posted to the web by Gabrielle Ware