Update: Buy now, pay later
Duluth’s PFS highlights the Twin Metals Minnesota (TMM) project as an economically viable Tier 1 asset at reasonable long-term commodity price forecasts. With Antofagasta recently deciding not to increase its ownership and reverting to a conventional 40% funding equity interest, options for TMM’s development lead to an increased focus on the Barclays strategic review currently underway. Finding a suitable Tier 1 asset developer capable of funding multi-billion dollar projects is limited to a small pool of large mining companies. Recent M&A activity in the copper space highlights such companies are buying Tier 1 assets to fit longer-term growth profiles.
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