Minerals lure developers to Minnesota's Iron Range
by The Associated Press

DULUTH -- A rich nickel-copper-precious metals formation stretching from the outskirts of Babbitt toward Ely is drawing plenty of interest from mine developers.

Five different companies have projects in the works that could mean hundreds of new jobs.

Geologists estimate the formation contains five billion to six billion tons of ore produced in a magma extrusion millions of years ago. The ore is laden with copper, nickel, platinum, palladium, gold and cobalt.

Duluth Metals chief executive Henry ``Rick'' Sandri says the value of the ore is probably close to half a trillion dollars.

His company has rights an estimated 733 million metric tons of mineable ore southeast of Ely.

Another company, Franconia Minerals, has stationed a barge on Birch Lake to do tests and help develop plans for a mine there.