DNR Reports Record Mineral Revenue

By KBJR News 1

December 29, 2012 Updated Dec 29, 2012 at 8:54 PM CDT

Duluth, MN (NNCNOW.com) - The Minnesota Department of Natural Resources is reporting record mineral revenue for the 2012 fiscal year.

They say that mining generated $51 million this year in revenue, which is 44-percent more than last year's record of $35.5 million.

The DNR says that 97-percent of the revenue came from iron ore production, while the remaining amount came from peat, industrial and other metallic minerals.

The department attributes the cause of the record amount of revenue to continued global demand for steel and significant increases in private sector investment in non–ferrous mining projects.

Written for the web by Jennifer Austin.