Duluth Metals, Ltd. has agreed to buy Franconia Minerals Corp. in a merger of companies hoping to mine copper and nickel in Northeastern Minnesota.
The deal, valued at $75-million, would consolidate 25,000 acres of land and mineral interests for Duluth Metals, which plans to mine the deposits with Chile-based Antofagasta under the join ventured called Twin Metals Minnesota LLC.
Franconia Minerals owns rights to the Birch Lake, Maturi, and Spruce Road deposits, while Twin Metals assets include the Nokomis deposit which is thought to hold an estimated $1-trillion worth of precious metals.
A map provided with the Franconia Minerals media release on the matter, HERE, shows the mining reserves of the companies.
The merger agreement still needs the approval of 75% of Franconia Minerals stockholders.