AP reported that Minnesota collected a record USD 51 million in mineral revenues in the 2012 fiscal year.
The Department of Natural Resources said that that up 44% over last year's record of USD 35.5 million. Most of the money goes into trust funds that support Minnesota's K-12 schools and the University of Minnesota.
The DNR said that 97% of the revenue came from iron ore production, while other metallic minerals, peat and stone generated the remaining funds.
Global demand for steel continues to drive Minnesota's taconite industry.
Minnesota does not yet allow copper, nickel and precious metals mining but plans are in the works. The DNR estimates that three non ferrous mineral deposits identified as potential mines could generate USD 2.4 billion in added revenue to the school trust fund over the life of the mines.
Source:
http://www.steelguru.com/raw_material_news/Record_mineral_revenue_in_fiscal_2012_DNR/297182.html
