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DNR Files Document Repeating Objection to Mesabi Metallics Keeping Mineral Leases

DNR Files Document Repeating Objection to Mesabi Metallics Keeping Mineral Leases

April 19, 2017 03:59 PM

On Monday, the Minnesota DNR filed another document related to their objection to Mesabi Metallics keeping the state mineral leases. And the document does not hold back.

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In one line, the document said, "Essar therefore attempts to shoot the moon..." Another line said, "Essar seeks approval of a plan that is 'speculative at best and visionary at worst."

The DNR outlines that Essar has not met any of the milestones the company laid out in November. And in fact, the document said, that Essar has not secured a customer agreement or secured financing to finish the project in Nashwauk.

The agency wants the judge to release the leases out of the bankruptcy proceedings.

Several companies have indicated interest in taking over the project, including Cliffs Natural Resources and Chippewa. SPL Investments is sponsoring Mesabi Metallics through the bankruptcy proceedings. Mesabi Metallics filed its reorganization plan with the court in January.

A key hearing in bankruptcy court about the future of the project is coming up next week.


WDIO

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