Magnetation LLC Grows $700 Million of Iron Resources in U.S. Midwest

Researched by Industrial Info Resources (Sugar Land, Texas)--Using proprietary magnetic separation technology, Magnetation LLC (Grand Rapids, Minnesota) processes waste-material feedstock from previous mining operations in the Iron Range to market a steelmaking feedstock. Magnetation is rapidly growing its production capacity for iron concentrate and iron pellets in Minnesota and Indiana. Product is sold to steel-manufacturing clients, including AK Steel (NYSE:AKS) (West Chester Township, Ohio) and Steel Dynamics (NASDAQ:STLD) (Fort Wayne, Indiana). Industrial Info is tracking more than $700 million in projects for Magnetation.

Magnetation recently announced the completion and start-up of a new taconite pelletizing plant in Reynolds, Indiana. Construction of the $350 million project began in March 2013. Jacobs Engineering (NYSE:JEC) (Pasadena, California), Northern Industrial Erectors (Grand Rapids, Minnesota) and Furin & Shea Welding & Fabricating Incorporated (Hibbing, Minnesota) were involved with various portions of the plant construction. Industrial Info has been tracking the project since late 2011, when it was in the site study phase.

Plant 4, which is located at the former Canisteo mine near Coleraine, Minnesota, is under construction and scheduled to be operational by the end of the year. The $155 million project will produce 2 million tons per year of iron ore concentrate from tailings of previous mining operations in the area.

The company is also evaluating construction of an open pit mine near Coleraine and the Plant 5 iron ore beneficiation facility near Calumet, Minnesota.

Magnetation operates iron ore beneficiation plants in Keewatin, Minnesota; Bovey, Minnesota; and Chisholm, Minnesota.

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