Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

U.S. decision on Minnesota copper mine awaits Interior Dept opinion

Published 09/08/2021, 04:38 PM
Updated 09/08/2021, 06:15 PM
© Reuters. U.S. Secretary of Agriculture Tom Vilsack speaks about food prices during a press briefing at the White House in Washington, U.S., September 8, 2021. REUTERS/Kevin Lamarque

By Trevor Hunnicutt and Ernest Scheyder

(Reuters) -U.S. Agriculture Secretary Tom Vilsack said on Wednesday he is waiting for a legal opinion before deciding whether to approve Minnesota's Twin Metals copper mining project, which labor unions support but environmentalists strongly oppose.

"We continue to wait for the Department of the Interior. They have to issue a legal opinion before we know what direction we need to take" at the Agriculture Department, Vilsack told a White House news conference.

The U.S. Forest Service, part of the Agriculture Department, controls the surface land at the site. The U.S. Bureau of Land Management, part of the Interior Department, controls the underground copper deposit and must approve plans to extract minerals.

Interior Secretary Deb Haaland declined to discuss the project https://www.reuters.com/article/usa-interior-leasing-idCNL2N2O51QZ when asked at a congressional hearing this year by U.S. Representative Pete Stauber, a Minnesota Republican whose district includes the mine site.

The proposed underground mine would, if built, be a major U.S. copper supplier as President Joe Biden aims to build more electric vehicles, which use twice as much of the red metal as those with internal combustion engines. Opponents fear the project would permanently mar the Boundary Waters (NYSE:WAT) Canoe Area Wilderness on the U.S.-Canada border.

Twin Metals has said the project can be constructed safely and in a way that boosts the region's economy.

Vilsack had blocked the Twin Metals project when he served as agriculture secretary under President Barack Obama, only to see that decision reversed by President Donald Trump's administration.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Vilsack in June said https://www.reuters.com/article/us-usa-biden-antofagasta-idCAKBN2CM1WS that as part of his deliberations he was trying to balance environmental concerns and economic potential.

Twin Metals, controlled by Chile's Antofagasta (LON:ANTO) Plc, said in a statement it "looks forward to continuing to constructively engage the administration and advance the environmental review of the project."

Vilsack has the power to block mining in the region for 20 years, though a bill introduced in the U.S. Congress this year could permanently ban it.

Latest comments

Batteries- Crucial. / Biosphere- What's that ??
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.