Minnesota collected a record $51 million in mineral revenues in the 2012 fiscal year.
The Department of Natural Resources says that's up 44 percent over last year's record of $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 says 97 percent 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 $2.4 billion in added revenue to the school trust fund over the life of the mines.
Most Popular Today
- 1.Education Funding
Board Of Education Member Had Multiple Contracts With State
- 2.Education Funding
Fired GEAR UP Worker Defends Stacy Phelps
Bison Ranch Owner By Turner Gets Permit For Feedlot Addition
- 4.Development, Flooding
City Of Sioux Falls Buying Homes In Area that Floods
Thanksgiving 2015: Cheap Gas But Fears Of Terrorism
- 6.Retail & Restaurants
SD Attorney General Urges Residents To Be Careful Shoppers
Gas Prices Impact On Delivery Services
- 8.Education Funding
Black Hills State University Selected To Administer GEAR UP Program For Regents
Drone Law Discussion Continues In Aberdeen
- 10.Retail & Restaurants
Mayor Declares Small Business Saturday In Sioux Falls