"After careful consideration of multiple requests to lease the state ore near Nashwauk, the DNR has concluded that it is in the best interest of the state to enter into leases with Cleveland-Cliffs," the department said in a statement, according to the newspaper. "Cleveland-Cliffs has a proven record of bringing mining projects into operation and currently holds a significant land position adjacent to the state ore in the [Nashwauk] area."

Cleveland-Cliffs chairman and chief executive Lourenco Goncalves said the leases will secure the future of its Hibbing Taconite mine, which was facing closure as it exhausts its taconite resources. 

“When approved by the Minnesota executive council, the leases will be used to provide a long-term extension of Hibbing Taconite's mine life, securing the future of Hibbing Taconite and the good-paying union jobs at HibTac, our flagship operation in Minnesota,” Goncalves said in a statement. 

Cliffs owns an 85% stake in Hibbing Taconite, and U. S. Steel owns a 15% share.  U. S. Steel separately had sought the leases from the department.