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Is it possible that both PolyMet and Twin Metals are actually money laundering schemes for foreign oligarchs who make their real money in drug trafficking and illegal arms sales? Glencore, PolyMet’s owner, is widely cited as the most corrupt company on the planet, currently the target of multiple investigations.
It’s impossible to trace the real investors in these projects because they are protected by numerous shell companies and sham accounts in foreign tax havens. The Panama Papers revealed just how prevalent this practice is among the ultra-rich.
If these mines are money laundering operations, the investors may not care about profitability. Their ruthless persistence in pursuing these projects, in the face of terrible market projections, lends credence to this idea. Is it also possible that they are the source of the flood of untraceable campaign money in Minnesota’s last few elections? Again, no way to know for sure.
The question for Minnesota is: Do we want to place our economic future in the hands of the world’s most corrupt companies? Food for thought.
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