In a crucial move, the Itasca County Board approved the final structure of state bonding funds for Minnesota Steel infrastructure. This puts the groundbreaking and construction for the project even closer, with an announcement of timeline within days. I can’t stress enough how important it is to see actual groundwork taking place for the people of the Iron Range to accept this project as real. So far, all signs indicate “go.”
Equally notable is the board’s decision to restrict bonding funds to infrastructure needed specifically by Minnesota Steel, NOT for Excelsior Energy’s proposed, far more risky coal gas “Mesaba Energy Project” (which hangs in regulatory and financial limbo). This is another strike against that spiraling boondoggle, though Excelsior is likely still sitting on federal and state grant/loan funds allowing them to hover on the edge of relevance for some yet unknown amount of time. Upcoming reports from the Office of the Legislative Auditor and the December deadline for Excelsior’s Iron Range Resources loan payment may unravel this ugly sweater, but there remains the possibility that they’ll wiggle out and escape into the weeds once again. It’s like fighting Swamp Fox.
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