Antofagasta Denied Permission to Renew Two Minnesota Licenses
December 16 2016 - 6:06AM
Dow Jones News
LONDON--Antofagasta PLC (ANTO.LN) said Friday it has been denied
permission to renew two of its long-held federal mining leases in
the iron range region of north-eastern Minnesota.
The company said its fully owned Twin Metals Minnesota LLC was
in the early stages of a proposal for an underground copper- and
nickel-mining project.
"Denial of the leases is inconsistent with federal law, the
terms of leases themselves and the federal government's established
precedent in supporting and renewing the leases over five decades,"
the company said.
"Twin Metals is committed to progressing the project and will
continue to pursue legal avenues to protect its contractual mineral
rights," its added.
The U.S. Forest Service wasn't immediately available to
comment.
The company, which has interest in mining, transport and water
distribution, has renewed the licenses twice before.
Shares at 1120 GMT were down 12.50 pence, or 1.8%, at 671 pence,
valuing the company at GBP6.62 billion pounds ($8.3 billion).
-Write to Olga Cotaga at olga.cotaga@wsj.com
(END) Dow Jones Newswires
December 16, 2016 06:51 ET (11:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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