A board made up of Minnesota's top elected state officials has approved a mining lease for a company to recover iron ore concentrate on state and county land near Coleraine.
The Minnesota Executive Council on Wednesday approved the lease for Grand Rapids-based Magnetation.
Magnetation recycles old iron ore tailings. The deal allows the company to recover ore on the Itasca County portion of the western Iron Range.
The Duluth News Tribune (http://bit.ly/XTzc43) reports the lease is for mineral rights held by the state and does not involve any surface land owned by private landowners.
Department of Natural Resources officials say the lease could bring between $50 million and $220 million in revenue to the state's Permanent School Trust Fund through lease fees and royalties paid by Magnetation over many years.