Magnetation Exceeds Job and Cash Flow Requirements

By KBJR News 1

Magnetation Exceeds Job and Cash Flow Requirements

February 9, 2012 Updated Feb 9, 2012 at 4:52 PM CST

(Northland's NewsCenter)--Magnetation, an iron-ore mineral processing company on the Iron Range, has exceeded job and cash flow expectations set by the state.

Magnetation has created 213 jobs between its two plants near Nashwauk and Taconite since it started in 2006.

An additional 60 to 100 jobs will be created when Magnetation opens its third plant near Chisholm.

Magnetation spokespeople say the company has paid back five loans in full totaling nearly $6 million to the Iron Range Resources and Rehabilitation Board and to the Department of Employment and Economic Development.

The company has paid more than $900,000 dollars in interest and special process royalties.

An additional $2.5 million will be paid in process royalties in 2012.

Jennifer Walch
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