The royalties had been held by a subsidiary of a mineral drilling company. 11:03 am, Dec. 13, 2020 ×
A Vancouver-based company bought royalties in November for a portion of the proposed Twin Metals copper-nickel mine.
Twin Metals is proposing an underground copper-nickel mine, processing facility and tailings storage facility just outside Ely and the Boundary Waters Canoe Area and Wilderness.
Nova Royalty Corp. purchased a 2.4% net smelter return on approximately 18% of the resources at Twin Metals Maturi and Maturi Southwest deposits from a subsidiary of Boart Longyear, a mineral drilling company.
Nova paid $2 million in cash and shares and will make additional payments up to $4 million in cash and shares if federal and state permits are awarded and if production begins.