(NNCNOW.com) --- Magnetation, is now one step closer to recovering iron ore concentrate on state and county land near Coleraine.
A board made up of Minnesota's top elected state officials approved a mining lease for mineral rights.
The mining project is expected to bring between $50 million and 220 million to the state's Permanent School Trust Fund during its life.
Magnetation plans to develop its full project plan within the next five years.
Private land owners will not be affected by the proposed mine.
The DNR is working with local organizations because the proposed project may displace a gun club, ski bike and snowmobile trails.