August 31, 2017 10:53 AM
Governor Mark Dayton has released a statement about the extension of time for Chippewa Capital Partners to secure financing for the former Essar Project.
"My administration has been working hard with Range leaders to get the best possible outcome for the project. I have instructed the Minnesota Department of Natural Resources to agree to a thirty-day extension for Chippewa to obtain its financing. The DNR will be in close communication with Chippewa over the next thirty days to monitor their progress. If Chippewa is unable to obtain their financing agreement within that thirty-day period, the DNR will regain control of the leases."
"I am dedicated to ensuring that these state leases are utilized by a financially capable entity to mine and process their resources, build and operate a value-added enterprise, and create more jobs and further economic growth on the Iron Range."
The parties, including Mesabi Metallics, Itasca County, the state of Minnesota, and Chippewa agreed to the extension.
Chippewa, which is lead by Virginia businessman Tom Clarke, is endeavoring to finish the taconite facility in Nashwauk, and also place a DRI facility there.
Updated: August 31, 2017 10:53 AM
Created: August 31, 2017 10:51 AM
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