Trump, Congress to overturn Minnesota mining ban

U.S. President Donald Trump and Congress are moving to rescind a Biden-era mining ban on public lands in northern Minnesota, leading to the revival of one of the nation’s biggest mining projects, Reuters reported, citing official government documents.

According to the news outlet, the move planned for this week has been in the offing for much of the past year and involves a complex series of legislative steps. A big beneficiary would arguably be Chile’s Antofagasta (LSE: ANTO), whose Twin Metals unit has been trying to develop a massive copper-nickel mine on public land for decades.

The company’s project sits on one of the world’s largest polymetallic deposits and would be the first underground mine in Minnesota since 1967. It would also be the next major nickel mine in the U.S., as its only existing one is set to close near the end of the decade. 

Shares in Antofagasta climbed 3.7% on Friday to close at £34.58 apiece in London, valuing the company at £34.1 billion (US$45.7 billion).

The plan highlights the Trump administration’s intensified push to bolster the U.S. supply of critical minerals. Minnesota, in particular the Duluth region in the north, is known for its vast endowment of copper, nickel and cobalt, which are essential materials in electric vehicles, AI data centres, wind turbines, weaponry and a myriad of other devices. These resources have mostly been untapped to this day.

20-year ban

Development of mineral projects in the region has long faced obstacles. In 2023, then-president Joe Biden issued a 20-year mining ban on more than 225,000 acres (91,000 hectares) of the Superior National Forest near the U.S.-Canada border, citing environmental concerns and the economic value of outdoor recreation.

However, Interior Department officials argue that the ban was not properly filed in the Congressional Record, as required under a federal lands law introduced in 1976, and are now submitting the paperwork to Congress. If lawmakers reject the ban within 60 days, it would be nullified and future administrations barred from issuing similar orders under the Congressional Review Act.

Republican Representative Pete Stauber, whose district covers northern Minnesota, plans to introduce legislation this week to formally reject the ban. The plan came together after efforts failed to include the measure in Trump’s “One Big Beautiful Bill,” signed into law last July, congressional staffers told Reuters.

Hot potato

If the mining ban is lifted, the Trump administration would then be free to reissue mining leases to projects in the area. 

The Twin Metals project’s mining leases have become a political hot potato since their issuance in 1966. The Obama administration had taken steps to block the project, before Trump renewed them in his first term, only to have Biden cancel them.

Twin Metals representatives told Reuters that it expects to get the leases back in the near future and that it  appreciates the Congressional efforts.