Add my name to the list of those who are perplexed and frustrated by the Fraser Institute’s recent survey of the geological and investment potential of various states, provinces and countries. In the Fraser Institute’s 1999-2000 survey, Minnesota again fared poorly in comparison with other locations in North America and the world. However, Minnesota’s mining infrastructure, heritage, geology and business climate are ill-served by this knee-jerk assessment. I firmly believe Minnesota offers an excellent mineral investment opportunity.
Minnesota’s neighbour to the north, Ontario, scores a perfect 100 on Fraser’s mineral potential scale, yet Minnesota barely makes the chart, even though its Duluth Complex is home to a couple of world-class copper-nickel deposits and may hold the greatest precious metals potential on the continent. What, then, explains this disparity? I urge the exploration community to take another look.
The survey also gives low ratings to Minnesota’s governmental policies, despite the fact that the state’s total tax burden is less than that of Arizona or Ontario, two areas touted for their investment-friendly climate. It is also worth noting that Minnesota’s environmental regulations are comparable to those of most responsible governments, and industry and government are working together to make the state’s permitting process more efficient and predictable.
My boss, Gov. Jesse Ventura, together with Congressman James Oberstar (Democratic Farmer Labor Party), has spearheaded an ongoing dialogue on mining and mineral matters through the Minnesota Blue Ribbon Committee on Mining. This group, which comprises a broad spectrum of stakeholders, continues to look at ways Minnesota can sustain and enhance its mining industry. Last October, the group, in co-operation with other parnters, sponsored the first-ever minerals development conference in our state. Dubbed “New Horizons,” this conference brought together more than 200 individuals from the ferrous and nonferrous communities, as well as the public at large, to discuss challenges and opportunities related to minerals development in Minnesota. Updates on several new projects were presented, and Gov. Ventura delivered a welcoming address titled “Minnesota, Open for minerals business.” In his remarks, the governor emphasized that Minnesota encourages exploration and development of its mineral resources. The Twenty-first Century Fund, which was introduced at the conference, will provide US$80 million in the form of loans and equity investments in mineral processing facilities. Yet Minnesota continues to labour under the weight of old perceptions about its attractiveness for investment.
Don’t let the Fraser Institute fool you with its old-news/old-opinions survey. Minnesota will continue to be a legitimate player in the minerals marketplace. I encourage companies interested in exploration in Minnesota to contact our agency.
John Swift, Commissioner
Iron Range Resources and Rehabilitation Board
Eveleth, Minn.
Be the first to comment on "Minnesota deserves more credit"