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A new process to turn taconite tailings
into concentrate has won backing from the Iron Range Resources
Board.


      The board approved $2 million in loans and grants for the
project near Keewatin.


      In addition, the project will receive a $1 million loan from the
Minnesota Minerals 21st Century Fund and a $1 million grant from
the same fund, which were not subject board approval.


      One of the owners of Magnetation, Inc., says the product could
start shipping in the fourth quarter of this year.


      The project costs $5.3 million and is projected to create five
full-time positions and 36 seasonal jobs within two years of
starting operations.
 

     Magnetation was established in 2006 and has refined a process to
recover iron particles from existing taconite tailings basins
across the Iron Range. Tailings are a byproduct of the iron mining
process and have been discarded for decades in slurry form into
impoundment basin.


      Information from: Mesabi Daily News, http://www.virginiamn.com

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Iron Range Resources approved $2 million in loans to a project near Keewatin. Tailings are a byproduct of the iron mining process and have been discarded for decades.

Board backs process to recover iron from taconite tailings

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