Nashwauk News


07/20/2018 06:58 PM  ~~~Source~~~
Cliffs' CEO Ready for New Leadership in Minnesota 

The leader of Cleveland-Cliffs made it clear how he feels about Governor Mark Dayton and his administration, during an earnings conference call on Friday. "Minnesota will be a lot better with a new governor and new people taking care of business in that state.


07/16/2018 05:47 PM  ~~~Source~~~
Minnesota DNR terminates billionaire's mineral lease near Grand Rapids for unpaid debt 

Just days after Minnesota granted Virginia billionaire Tom Clarke the mineral lease rights for a $2 billion mining project in Nashwauk, it terminated the mineral lease rights regarding one of Clarke's sister projects in the Grand Rapids area. The Minnesota Department of Natural Resources sent the unexpected termination letter to Clarke's ERP Iron Ore group on Thursday.


07/13/2018 07:54 PM  ~~~Source~~~
Financial claims, bankruptcy demands mount for ERP Iron 

Just two days after Chippewa Capital Partners was awarded state mineral leases to mine at the former Essar Steel site in Nashwauk, its sister company, ERP Iron Ore , may be headed into bankruptcy for not paying its debts. Both Magnetation and Essar Steel were acquired in bankruptcy auctions.


07/12/2018 10:55 PM  ~~~Source~~~
DNR Moves to Terminate Leases Held by ERP Iron Ore 

One day after the DNR and the governor reinstated mineral leases in Nashwauk to Tom Clarke and Chippewa Capital Partners, there's a move in the opposite direction for ERP Iron Ore. According to assistant commissioner Barb Naramore, the agency sent ERP a notice of termination on Thursday for five of the company's state mineral leases.


07/11/2018 04:28 PM  ~~~Source~~~
Governor and DNR Reinstate Mineral Leases to Tom Clarke 

Decision day is here. Wednesday afternoon, Governor Mark Dayton announced that the state has reinstated mineral leases in Nashwauk to Tom Clarke and Chippewa Capital Partners.


06/30/2018 06:32 PM  ~~~Source~~~
54 min 41 sec ago 

Chippewa Capital Partners said Friday, June 29, that it submitted a financial agreement worth $900 million to cover the debt and equity financing to complete the former Essar Steel Minnesota pellet plant in Nashwauk. Tom Clarke, who is leading Chippewa's efforts, said he expects construction to begin as soon as the state signs off on the agreement and reinstates mineral leases.


06/29/2018 11:57 PM  ~~~Source~~~
Tom Clarke: $900 Million in Financing for Mesabi Metallics 

In a statement, it said, "Mesabi Metallics has closed on its debt and equity funding providing $900 million of new capital to complete construction of the newest Pellet Plant in North America located in Nashwauk, Minnesota." The documents have been submitted to the state.