An executive with Magnetation, the scram mining operation on the western Mesabi Iron Range, tells Business North that the company will be relocating its small headquarters from Nashwauk to Grand Rapids. The proximity to an airport and high-end hotels was a key factor, according to the story.
Magnetation’s Site #1 is Keewatin, where workers have been toiling beneath a giant inflatable dome on top of mine dump assembled in the early 20th Century. A new scientific process allows them to extract and ship iron ore that was once considered waste. Magnetation recently announced a deal to ship material to Mexican steel company Pennsylvania-based AK Steel and plans to expand to Site #2 near Taconite. Though Magnetation is essentially a salvage operation it has several years of ore reserves to work with, perhaps more if demand allows access to harder-to-reach sites.
It’s all about high iron and steel prices. Magnetation is growing exponentially, the Range is close to opening a new taconite plant in Nashwauk, and established companies like Cliffs Natural Resources are posting record profits.
CORRECTION: AK Steel is based in Pennsylvania. Magnetation is working with a different customer for its expansion project that is based in Mexico.
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