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
Two KELOLAND Target Stores Now Open Extended Hours
Most Americans Are Not Saving For Retirement
Childrens Water Bottle Recalled By Manufacturer
Sioux Falls Construction Named Manager Of New Pool
- 5.Retail & Restaurants
Dollar General Enters Bidding For Family Dollar
- 6.Your Money Matters
Cost To Raise A Child Now $300,000
- 7.Gas & Energy
NRC Panel Hears from Public On Edgemont Uranium Mine
- 8.Your Money Matters
Saving On College Texbooks
Monday Morning Business Brief
Monday Afternoon Business Brief