Minnesota Governor Mark Dayton, Iron Range Resources & Rehabilitation Board Commissioner Tony Sertich and Minnesota DNR Commissioner Tom Landwehr visited Essar Steel Minnesota LLC (ESML) as the company ramps up work on its 7 million ton iron-ore mining, crushing and pelletization project.
ESML received a cash infusion of approximately USD 800M from equity contributions from sponsor Essar Global Fund and debt financing to be utilised for completing construction of the USD 1.8B project and ramping up operations. With close to 100% of engineering complete, about 90% in value of procurement orders released and 50% of construction activities completed for the project, ESML remains on schedule to commence production of iron ore pellets in the second half of 2015.
Governor Dayton and Commissioner Sertich visited ESMLs offices in Hibbing last week to review and discuss the project in light of the recent news that ESML had secured the necessary financing to complete construction of its fully permitted open-pit iron ore mine, crushing, concentrating and pelletizing facilities. DNR Commissioner Landwehr visited and toured the project site to observe the intensive construction activities underway and the progress made at the project site.