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DNR: Mesabi Metallics lender not credible | Duluth News Tribune

State agency says additional requirements not met, continues lease termination.
6:18 pm, May 20, 2021
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A crane sits next to the partly constructed Mesabi Metallics pelletizing building. (2018 file / News Tribune)
Minnesota regulators reiterated their plans to strip leases from Mesabi Metallics, the proposed iron ore mine and half-built processing plant in Nashwauk, calling the company s lender not credible and discrediting its excuse for not putting up enough cash on time.
In a letter to the company Wednesday, DNR Assistant Commissioner Jess Richards said the company s claim that its funder Mumbai, India-based Essar could only provide $100 million half the required amount in immediately available funds by a May 1 deadline because of the COVID-19 crisis in India was a deliberate choice and not bad fortune. ....

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DNR says lender not credible for proposed iron ore mine in northeast Minnesota

State agency says additional requirements not met, continues lease termination.
1:22 pm, May 21, 2021
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A crane sits next to the partly constructed Mesabi Metallics pelletizing building. (2018 file / News Tribune)
DULUTH Minnesota regulators reiterated their plans to strip leases from Mesabi Metallics, the proposed iron ore mine and half-built processing plant in Nashwauk, calling the company s lender not credible and discrediting its excuse for not putting up enough cash on time.
In a letter to the company Wednesday, May 19, DNR Assistant Commissioner Jess Richards said the company s claim that its funder Mumbai, India-based Essar could only provide $100 million half the required amount in immediately available funds by a May 1 deadline because of the COVID-19 crisis in India was a deliberate choice and not bad fortune. ....

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DNR says lender not credible for proposed iron ore mine in northeast Minnesota

DNR says lender not credible for proposed iron ore mine in northeast Minnesota
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