A U.S. bankruptcy court on Thursday approved a motion to terminate Magnetation LLC’s pellet purchase agreement with AK Steel, effectively marking the end of the innovative mining company.
“Now, our focus shifts to safely shutting down the Pellet Plant and Plant 4 in order to preserve their value for a potential buyer of the plants,” said Magnetation President Matt Lehtinen in a statement. “We are grateful for the contributions of the hundreds and hundreds of people over the last five years on this pioneering effort.”
In developing innovative technology viewed as new promise for the Iron Range, Magnetation turned old iron mine waste into high-purity iron concentrate. However, like other regional mining operations, Magnetation was hit hard by the iron ore price crisis.
Posted: Oct 6th, 201