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Statewide Blog

Proposed Copper mines ripe for buyout?

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There's growing interest in several copper-nickel mines planned for northeast Minnesota. A Canadian bank is predicting good fortune for two proposed Minnesota projects intended to mine copper, nickel, platinum, palladium, gold and silver.

The Bloomberg news service quotes an analyst who thinks PolyMet and Duluth Metals (with Duluth Metals new partner Antofagasta) are potential hot prospects for takeover, driven both by their favorable stock prices, and by expected world demand for copper.

In something like a self-fulfilling prophesy, PolyMet's stock has been soaring, reportedly up 29.3 percent over four days trading. Of course, as the stock price soars, any takeover deal just gets more expensive.