CEO: 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, which is owned by Cleveland-Cliffs, is expected to run out of iron ore around 2025. Cleveland-Cliffs CEO Lourenco Goncalves said his company needs the rights from the Mesabi Metallics project to keep the operation going. The state of Minnesota terminated Mesabi Metallics’ mineral rights after the company missed the deadline for a $200 million down payment to finish the taconite plant near Nashwauk.