New Ownership Taking Over Unfinished Minnesota Taconite Project
04/27/2017 - A Virginia billionaire and partners who include the United Kingdom’s Liberty House Group submitted the winning bid for the former Essar Steel Minnesota on Wednesday, offering to buy the half-finished taconite mine and pellet plant for US$550 million, reports the Minneapolis Star Tribune.
According the newspaper, the group, led by billionaire Tom Clarke and his Chippewa Capital Partners, was the only one to show up for Essar Minnesota’s bankruptcy auction.
The plan is to merge the facility, now called Mesabi Metallics, with the Magnetation iron ore properties that Clarke's group, bought out of bankruptcy earlier this year.
The Star Tribune has the story here.
The plan is to merge the facility, now called Mesabi Metallics, with the Magnetation iron ore properties that Clarke's group, bought out of bankruptcy earlier this year.
The Star Tribune has the story here.
