GILBERT,
Minn., May 13, 2024 /PRNewswire/ -- MagIron
LLC ("MagIron" or the "Company") is pleased to announce that it has
signed mineral leases that provide further operational and economic
support for the restart of the Company's Plant 4 iron ore
concentrator. When combined with iron-bearing stockpiles owned by
the Company, the aggregate iron-bearing materials secured by the
Company total more than 193 million metric tonnes, which is
sufficient to support an estimated 25 years of operation producing
2.5 million dry tonnes per annum of high-grade Direct Reduction
("DR") grade iron concentrate.
MagIron Secures Globally Significant Direct
Reduction Quality Iron Ore Resource
The stockpiles of iron-bearing materials and the
in-situ mineral rights owned by the Company, together with the
long-term mineral leases secured by MagIron, provide the Company
with effective control of more than 1 billion tonnes of
iron-bearing materials with mineralogy that can be beneficiated
into DR grade iron ore concentrate over many decades into the
future.
Larry Lehtinen,
CEO of MagIron said, "This is another significant milestone for
MagIron and a welcomed endorsement of our restart plans for the
Plant 4 concentrator. We now have access to sufficient residual
iron-bearing materials from historical mining activities around the
Canisteo Pit complex in Itasca County,
Minnesota to support operations for at least a quarter of a
century. Once operational, MagIron will recycle these stockpiles
into high quality DR-grade concentrate, a critical input into the
decarbonisation of the steel industry."
About MagIron
MagIron was established to support and accelerate
the decarbonisation of the steel industry by becoming a key
supplier of high quality, low carbon iron units which will be
critical for the future success and decarbonisation of the US steel
industry. The Company is focused on the restart of Plant 4, a
modern, past-producing iron ore concentrator benefiting from over
$170 million of prior investment. The
facility has previously operated at an annualized run-rate of
approximately 2.0 million tonnes per annum ("mtpa") and was
designed to expand to 3.0 mtpa relatively quickly and at low
capital intensity. Plant 4 is designed to process previously
discarded low-grade materials from historical mining operations and
convert them into high grade, low impurity iron ore concentrate.
Given the significant historical mining operations across the
Mesabi Iron Range in northern Minnesota, there are vast amounts of such iron
bearing material within close proximity to Plant 4, which are
suitable as feedstock to support a multi-decade business plan.
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SOURCE MagIron LLC