Feb 23, 2021 It was in the late 1800s when Frank Hibbingâs iron discovery was growing beyond reasonable imagination. Oliver Mining Company was among the first to dig into the land in 1893, which was valued at $85 million in 19th century money. Knowing this, according to the Minnesota Historical Society, Hibbing warned residents to build their homes south of what he called âhisâ town. It was known then as the ârichest village in the worldâ and Hibbing prophecy would prove true soon enough.