December 28, 2017 10:41 PM
Governor Mark Dayton issued this statement on Thursday about the state mineral leases at the former Essar site.
"The Nashwauk project's emergence from bankruptcy is a very important step toward Chippewa Capital Partner's stated goal of finishing construction on the former Essar plant, obtaining the necessary financing and operating agreements, and beginning production, which will mean more jobs for the Range. I thank Chippewa Capital Partners and its Principal, Mr. Tom Clarke, for expediting deferred mechanic's lien holder payments last week, which was another important step forward.
"Per a settlement agreement with the DNR, the State of Minnesota's mineral assets, which were formerly tied up in the bankruptcy proceedings, now revert to DNR's control. If Chippewa meets the conditions of the agreement, the state leases will be reinstated."
Cleveland-Cliffs has announced they have acquired private mineral leases at the site as well.
Updated: December 28, 2017 10:41 PM
Created: December 28, 2017 05:43 PM
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