Magnetation breaks ground on plant near Coleraine

Published 9:04 am Monday, May 26, 2014

COLERAINE  — Magnetation has broken ground on a fourth plant in northern Minnesota.

The $155 million iron ore plant is located behind Mt. Itasca, just west of Coleraine.

The plant will have the capacity of 2 million tons of concentrate, which will be sent by rail to their pellet plant in Reynolds, Ind.

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The plant is expected to bring 160 full time jobs. Chief Operating Officer Matt Lehtinen said the average pay of their mining jobs is $90,000.

Magnetation opened their first plant in Keewatin in 2009, and has since opened two more. One is a partnership with Steel Dynamics, called Mining Resources.

A ground-breaking ceremony for the fourth plant was held Thursday. It is expected to be running by January 2015.