Asset Report
Mesabi Metallics iron ore mine
Report summary
Mesabi Metallics, former Essar Steel Minnesota, is an iron ore project located in Minnesota's Mesabi Iron Range, near the town of Nashwauk. We had initially assumed that the mine would commence production in 2017 and reach its steady-state ultimate capacity by 2019. However, after missing a 1 July 2016 deadline to pay the Minnesota state and creditors for completed infrastructure, the state's Governor has terminated Essar Steel's mineral leases in the Iron Range. In October 2018, Mercuria Energy purchased an undisclosed majority stake in Mesabi Metallics. There is also an ongoing legal battle with Cleveland-Cliffs, which purchased and leased a large portion of land within the project’s boundaries. In June 2023, after uncountable setbacks for Mesabi, Cliffs and DNR have signed leases for the mineral rights although Mesabi has in place lawsuit against the DNR.
Table of contents
- Summary
- Key issues
Tables and charts
This report includes 12 images and tables including:
- Detail Map
- Participation
- Marketable reserves (at 01/01/2023)
- Production
- Production
- Operations
- Infrastructure
- Cash cost
- Cash cost
- Capital cost
- Product quality
- Economic assumptions
What's included
This report contains:
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