25 February 2009Magnetation, Inc., Produces First Load of Iron Concentrate
Magnetation, Inc. on Monday, February 23, 2009 produced its first load of iron concentrate at its facility near Keewatin.
The 23-ton load produced during the plant’s commissioning stage is the first of about 200,000 metric tons of iron concentrate that the company plans to produce in 2009.
Magnetation is the first iron producing facility of its kind in the United States.
The company is producing iron units by extracting iron particles contained in natural iron ore tailings. Tailings are a by-product of the iron mining process and for decades have been considered waste.
After reclaiming tailings basins, Magnetation will turn the sites into wetlands.
About 50 million metric tons of marketable iron units exist on the western Mesabi Iron Range.
Magnetation’s $9.6 million facility in nine months went from design and permitting to production.
So far, 26 new jobs have been created at the facility.
In 2010, Magnetation plans to produce 250,000 metric tons of iron units.
Iron Range Resources and the Minnesota Department of Employment and Economic Development assisted Magnetation with financing for equipment and a dome which contains the processing plant.
