February 15, 2023
Northeastern Minnesota
The NewRange Copper Nickel joint venture consists of the NorthMet and Mesaba deposits, both of which are located in northeastern Minnesota, which is part of the Duluth Complex, one of the largest undeveloped accumulations of copper, nickel and platinum group metals in the world.
The NorthMet Project has received its permits and is working through litigation towards development, construction and operation of a 32,000 ton per day mine and mineral processing facility. The formation of the NewRange Copper Nickel partnership will ensure responsible and timely development of this important resource. NewRange Copper Nickel will be the first to commercially mine copper, nickel, cobalt and other platinum group metals from the Duluth Complex. The NorthMet Project features significant assets including the mineral deposit itself as well as critical infrastructure, including existing rail, roads, utilities, plant site and established supplier networks. The NorthMet mineral deposit will be mined by conventional open pit methods to a depth of approximately 700 feet below surface with ores processed using traditional crushing, grinding, mineral separation and flotation techniques to produce copper- and nickel-copper concentrates with important concentrations of cobalt, platinum, and palladium.
The Mesaba Project is one of several copper-nickel deposits within the Duluth Complex of northern Minnesota. As with the NorthMet deposit, access and infrastructure (power, road, rail and the town of Babbitt) is excellent, with the mineral property being located immediately adjacent to the NorthMet mineral deposit and to the Northshore iron ore mine. The Mesaba deposit is in early stages of design, engineering and evaluation and will be assessed for potential future development based on a thorough set of social and environmental baseline studies, public and stakeholder engagement, and necessary permitting activities. As currently conceived, the Mesaba deposit would be mined by conventional open pit methods with ores processed using traditional crushing, grinding, mineral separation and flotation techniques to produce copper- and nickel-copper concentrates with important concentrations of cobalt, platinum, and palladium.
With a strong alignment between both companies’ values, this joint venture is formed through a mutual understanding of the pillars of good community citizenship and environmental stewardship alongside delivering value to shareholders. Both companies share a disciplined approach to sustainability, care for the environment, and respect for communities.
Creating a reliable supply of clean-energy metals requires immediate and meaningful investments in mineral production and downstream processing capacity, without which demand has the potential to outpace supply over the next decade and beyond. New, large-scale critical mineral projects are needed to fill the expected supply gap and provide both price stability to end consumers, and supply certainty to manufacturers, empowering them to redevelop their supply chains towards a greener future. NewRange Copper Nickel has the potential to provide the United States with a locally sourced and long-term supply of clean critical minerals: nickel, cobalt, copper, palladium and platinum.
Teck American Incorporated is a subsidiary of Teck Resources Limited, a leading international mining company. Teck American is committed to responsible mine development through collaboration with communities to generate sustainable social and economic benefits, and caring for the air, water and land to maintain a heathy environment. It operates one of the world’s largest zinc mines, Red Dog, in partnership with NANA, a Regional Alaska Native corporation in northwest Alaska.
In addition, Teck has a diversified portfolio of copper, zinc, steelmaking coal, and energy asset investments located in North and South America. Headquartered in Vancouver, B.C., Teck is committed to responsible resource development with a focus on sustainable operations, ensuring the health and safety of its people and building strong relationships with communities. In 2021, Teck was named to the Dow Jones Sustainability World Index (DJSI) for the 12th consecutive year, indicating that Teck’s sustainability practices rank in the top 10 percent of the world’s 2,500 largest public companies. Teck was the top-ranked mining company on both the World and North American Index for DJSI in 2019, 2020 and 2021. In 2020, Teck was the only Metals & Mining company awarded the S&P Gold Class Award.
PolyMet stands at the forefront of the next generation of mining in Minnesota. PolyMet Mining, Inc., is the wholly owned subsidiary of PolyMet Mining Corp., a publicly-traded mine development company. The company is preparing to mine copper, nickel and precious metals from the NorthMet ore body, located near Hoyt Lakes, Minnesota, using modern, responsible and sustainable practices.
PolyMet stock trades on both the Toronto and NYSE American exchanges. More than 13,000 of its shareholders live in Minnesota, and collectively own about 11% of its issued shares. Glencore, one of the world’s largest mining companies, owns roughly 72% of PolyMet’s issued shares.
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