Cliffs CEO: Minnesota Mine Will Close Without Mineral Rights
MINNEAPOLIS (AP) — The CEO of Cleveland-Cliffs says an iron ore mine in northern Minnesota will close in a few years if it doesn’t get mineral rights from a nearby project that hasn’t been completed.
Hibbing Taconite is expected to run out of iron ore around 2025. Cleveland-Cliffs CEO Lourenco Goncalves says his company needs the rights from the Mesabi Metallics project to keep the Hibbing operation going.
The state of Minnesota has terminated Mesabi Metallics’ mineral rights and plans to reassign the leases. According to the Minneapolis Star Tribune, Goncalves says if Cleveland Cliffs secures the leases, the Hibbing mine’s operations will be extended by about 27 years.