Magnetation is a closed surface mine initially owned by Magnetation Inc. The company was founded in 2006 by Al Fritz and Rod Hunt focusing on the development of a beneficiation technology that Fritz invented in the 1970s. In 2014, Magnetation completed a separate pellet plant in Reynolds, Indiana, which commenced production in the same year. Magnetation filed for Chapter 11 bankruptcy protection in May 2015. The operation was entirely suspended in 2016, before being acquired by ERP Iron Ore for an undisclosed amount in early 2017. ERP intended to restart operations at Magnetation by 2019, but after running into financial problems, the company was also forced to file for Chapter 11 bankruptcy protection in July 2018.