REGIONAL—Canadian-based PolyMet Mining and Teck Resources have launched a joint venture to bring two of the largest known deposits of copper-nickel and precious metals on the Duluth Complex under single management.
Under the agreement, PolyMet and Teck will become equal owners in PolyMet Mining, which will be renamed NewRange Copper Nickel LLC. Combining the resources of both the NorthMet and Mesaba deposits, the new company will control measured and indicated resources of 795 million tons and 1,740 million tons, respectively, and further inferred resources of 458 million and 1,612 million tons, respectively.
“This extraordinary venture links the expertise, experience and financial resources of PolyMet, Teck and Glencore to develop the NorthMet mine when the remaining permit proceedings are complete, and study the mine development options for Mesaba,” said Jon Cherry, PolyMet chairman, president and CEO. Following closing of the transaction, Glencore will retain its majority equity interest in PolyMet.
“With both projects representing approximately half of the known resources of Minnesota’s Duluth Complex under NewRange Copper Nickel, Minnesota emerges as a global leader and major force in developing strategic minerals to feed the North American supply chain for clean energy technologies, electric mobility and modern societal use,” said Cherry. “The total assets of the NorthMet and Mesaba deposits make this one of the largest clean-energy mineral resources in the U.S. and globally.”
PolyMet is continuing to deal with a wide range of post-permitting litigation and there is no time frame for when the project might move forward.
Teck’s Mesaba Project is progressing baseline environmental studies, resource definition and mineral processing studies.  Further studies and community and tribal consultation will be required to fully define long-term development potential, according to a PolyMet statement.
“The total assets of the NorthMet and Mesaba deposits make this one of the largest clean-energy mineral resources in the U.S. and globally.”
Mesaba is said to be one of the largest undeveloped copper-nickel precious metals deposits in the world.
The NorthMet copper-nickel-PGM mine development project is in the Mesabi Iron Range in northeastern Minnesota.
The NorthMet and Mesaba projects are estimated to hold measured and indicated resources of 795 million tonnes (Mt) and 1,740Mt, respectively, and further inferred resources of 458Mt and 1,612Mt, respectively.
NewRange will have a management committee comprising an equal number of representatives from PolyMet and Teck.
Canadian-based Canadian diversified miner Teck Resources and Glencore-backed PolyMet Mining have agreed to form a joint venture (JV) to advance their copper and nickel mining projects in the established Iron Range mining region of Minnesota.
The new 50-50 JV, named NewRange Copper Nickel LLC, is expected to help unlock a new domestic critical metals supply for the low-carbon transition through responsible mining.
The two firms will fund the JV with $170 million of the initial budget for permitting and engineering work for PolyMet Mining’s NorthMet Project and Teck’s Mesaba mineral deposit.
Glencore will continue to hold a majority stake in PolyMet and provide financial support to the JV for its share of the funding commitment.
PolyMet chairman, president and CEO Jon Cherry said that the venture will develop the NorthMet mine upon completion of the remaining permit proceedings, as well as study the Mesaba mine’s development options.